Yeah the loot is really boring in general. I can still remember a solid 10-15 memorable items from Diablo 2 and that's not going into runewords and other cool stuff. I can barely remember a few items from Diablo 3 and even then it's only because of how much I sold them to people for, not because I actually wanted to collect it.
Way too much emphasis on getting to level 60 and grinding loots. Diablo 2 worked because you got cool stuff at any level. Diablo 3 also has this weird progression system where you actually get weaker and lose more skill options as you level up which is just bizarre. Most ARPGs are all about collecting stuff and becoming powerful, not starting powerful then getting weaker as you collect things.
The game just needed actual play testing, less MMO influence and more time in the tank.