$item = [Sitecore.Configuration.Factory]::GetDatabase("master").GetItem("/sitecore/content/home");
#So far the item does not have PowerShell instrumentation wrapped around it yet - the following like wraps $item in those additional properties
$item = Initialize-Item -Item $item
# The following line will assign text to the field named MyCustomeTextField and persist the item into the database automatically using the added PowerShell property.
$item.Title = "New Title"