Holding an enchanted item (Sword, Pickaxe, etc) and walking into a low light level area (such as a dark cave) will cause the enchantment glow to slowly fade before becoming nearly impossible to see. Placing a torch or anything that causes a higher light level will cause the enchantment glow to be visible again, fading as you walk away from the light source.
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Is this still a concern in the current Minecraft version? If so, please update the affected versions in order to best aid Mojang ensuring bugs are still valid in the latest releases/pre-releases. If this has been done, we can reopen the issue.
Keep in mind that the "Resolved"-Status on this ticket just means "Answered", and that we are waiting for further information on whether this issue still exists or not. We will reopen it as soon as the requested information has been delivered.
I believe this works as intended.