In Diablo, IIRC, set and unique items had specific stats, but common items were randomly generated.
I prefer randomly generated items, since they allow more unique character builds (some games practically have a checklist, where this class needs these skills/stats and this equipment). To an extent, random items also add replay value.
However, it would be nice to be able to craft specific stats, or be able to commission custom equipment from certain mages or blacksmiths, etc.
