Finding a few crappy legendary items is a far cry from the hordes of set, unique, runes and other loot you found regularly in Diablo II. You say theres no problem with the drop rate but thats one of the few things that most players I've talked to seem to agree on. Is it more a problem with the quality of what they're finding instead of the quantity? Maybe its a bit of both.
It certainly seems like the loot side of the game is weighted to start at level 60 as if it were an MMO title or something which is a mistake to me. I didn't have to be level 99 to find and wear cool shit in Diablo II, in fact many higher level builds were based around lower level items. This sort of thing seems contrary to Blizzards normal design goals and target market.