I think there's another core problem with the game design that contributes a lot to why items feel so crappy. It's their horribly uninformed decision to copy the "primary attribute" system from WoW. It basically divided the entire item set into discrete categories where, as say a Barbarian, you are NEVER going to use an item that rolls dex or int (or whatever they're called, I can't remember).
Further, it creates the situation where your primary goal is to find gear where a single number is increased. Whereas in D2, you didn't care nearly so much about your attributes which meant there was more room for variety in the items that each player finds attractive. In D3, there is no disagreement on what's an attractive item AND there's an auction house which totally kills a normal player's motivation to actually farm for items.