Getting good items won't happen until the items (especially rare/unique/set) are balanced to enhance and expand the skills the plays use, instead of ALL being straight stat upgrades. Right now all the end-game item hunt is is looking for items that increase Primary Stat, Vit, Resist All, with certain damage or defense modifiers thrown in depending on item type. You don't go grab a weapon because it has a low-level bleed effect, or because it has a 1.2 chance to freeze a target.
Dammit, remember how awesome it was to find +skill items? Not having damage be skill-based was a terrible design oversight. They could have had set items change the basic function of skills, to provide new and varied game styles. They could have in turn provided a shit more ton of sets, instead of a whole bunch of crappy leveling sets (which... you won't ever find unless you go buy it off the AH), with each set bringing new play options to the table.
Charms, runes, more gems, all could have have enhanced the gameplay. An option to show only certain 'levels' of loot (if angband will let me filter drops, why the hell not d3?). Is anyone really going to argue that grey and white items add some sort of benefit to this game in it's current state? Why must I look at them at all, when all they do is get in the way when I'm trying to loot that yellow item (or tome, or gem, which could be auto-picked up!).
Blah, whatever. This game still bothers me.
Edit: That being said, the change to monster density is definitely a change for the better. Now if they'd only add another 50-75% more monsters again, it'd feel even better.