Repeat the Entire Labeled Text upon Referencing
It's best to change the list syntax a bit as latex doesn't normally save the text at all.
\documentclass{article}
\newcommand\itemtext[2]{%
\expandafter\gdef\csname item#1\endcsname{#2}%
\label{#1}#2}
\newcommand\useitemtext[2]{\csname item#1\endcsname}
\begin{document}
\begin{enumerate}
\item \itemtext{item:1}{Item 1 ...}
\item \itemtext{item:2}{Item 2 ...}
\item \itemtext{item:3}{Item 3 ...}
\end{enumerate}
In Item~\ref{item:1} it is stated that:
\useitemtext{item:1}
\end{document}