No.
That may be true for the minority of players that play 8+hrs/day every day. For the vast majority however that's simply not true and in this system they at least have some small hope of getting a portion of their character well geared up.You'll be finished with gearing up your character within weeks....
When I look back this loot system brings us closer to what we had a level cap 10, 12, and 14 and 16 and I like that.