You no longer have high level items with very small ( and useless ) bonuses or armor and weapons with small enhancement values. All bonus values are synced with the item level.
Spell critical bonuses are much higher than before. ( I also saw a +16% universal spell critical item ) As are skill bonuses. I'm also seeing much higher DC bonuses. The types of items these bonuses can be found on has expanded greatly.
Caster bonuses now appear on a much wider range of equipment and appear the dominant kind of bonuses. A Problem for non-caster characters.
The number of bonus types has increased dramatically. Though a lot of them aren't that helpful. Absorption items for example are very quest specific and 90% unneeded which is why they until now worked best on named items with lots of other bonuses on them. Others like new insights are definitely helpful but are going to very hard to fit into character equipment builds.
Haven't seen a deadly ( or its new equivalent ) yet.
Some bonuses are being unnecessarily split into multiple sub bonuses. Particularly the save bonuses. +8 spell save, +5 trap save. etc. This problematic at best as most characters need a universal resistance bonus and don't have the available equipment slots to go to multiple types.
It seems that the types of bonuses are mixed and matched completely at random leading to some fairly weird and often useless combinations.
================================================
So to sum up my first thoughts:
I'm still selling 99% of the gen loot though I'm being made to think about it more. The improvement of not having equipment loaded down with small bonuses is offset by having equipment loaded down with useless or way too specific bonus types or just bad combinations. The bonuses are stronger but they are way concentrated on the caster side. So my initial impression is this will probably be good for my casters ( who may be able to pick a few gems due to the much higher and expanded spell caster bonuses ) and bad for my weapon users ( who are going to have a much harder time finding useful gen loot )