On and off casual player here. Leveling up my level 7 character to level 9 yesterday, here are my 2 cents on the new loot system:
On lower levels, the loot doesn't seem too overpowered. But maybe I just wasn't able to find any really good items. What I *can* definitely say though: It's ridiculously unpolished.
1) Every weapon I find is a casting implement, even throwers. There should be a distinction between non-caster weapons and caster weapons, slamming the properties of both all together just makes for an ungodly amount of trash.
2) Handwraps with Doubleshot? How am I going to use that... ever? Doubleshot and Doublestrike should be one property, like they were before. And some distributions of stats are just weird. This also goes for great axes and throwing weapons with caster stats.
3) I haven't found a single dexterity or strength item, not even on the AH, they seem to be super rare now. Instead I found a million int, wis and cha items. It might have something to do with the fact that there's so many more caster stats than melee stats (?), perhaps it's just bad luck on my part.
4) The new loot systems works wonders together with "Quest Reward based on Class" to give you a list of trash every single time you finish a quest. Especially with the new loot, the "Based on Class" Rewards REALLY need an update. So that monks can find shuriken, rogues can find repeating and great crossbows etc. And why are there only armors and wepons? Do classes not need necklaces, rings, belts, boots, ...?
5) The loot system feels very wonky and unpredictable compared to the old one. You can roll trash that needs level 8 and super awesome items that need level 4, and they essentially have the same stats. Whether this is good or bad is debatable I guess.
6) 94% Fortification? Why? So that only tank specs and WF can get a 100% with this item? Fortification should not be in this random list. It just doesn't make any sense.
7) This has been bothering me for a long time now, but why do the better base armors (Skirmish Chainmail, Mountain Plate, etc) only have 1-2 different visual designs? Why not copy over the table of all the awesome designs in the game over from the old base item types? The old full plates e.g. can still drop in some of the old quest chains (like Sharn). Same goes for chain mails, brigandines, hide armors etc. The loot update would have been the perfect time to put those old designs back into the pool.
8) I think the +0 bonuses have already been discussed a lot, just listing them here since I've found a ton of these, they're not even rare.
9) Now there's one thing that I absolutely love. And that's the fact that you can now get lore and spell power from other items than weapons. Got a neat combustion and fire lore ring for my sorceress.
10) Some of the names and descriptions feel rushed and unfinished. "Chaos Weapon effect"? Almost no descriptions? It kind of feels like an early test stage compared to the original item properties.
In conclusion, I'd say: The old system was better. The only new thing that really stood out as useful to me was the fact that you could now get implement bonuses, spell power and lore items from other things than weapons. That's really good for some builds. Other than that, it mostly just chaos, unpolished and unbalanced.