This is the feeling across the boards. I'm waiting for their patch to start being able to promote my friends. If I'd tell them to get the game now they'd criticize me big time for the lack of difficulty and tell me to play a game with a real challenge.
Pretty much the weapons and armor are meant for beta testing purposes just to make combat a breeze while they check story and quests to make sure everything works correctly. Then the stuff is suppose to be tuned down for public release, which it wasn't.
From what I've heard so far, next patch will weaken the weapons and add the Very Hard mode since it is requested so much.
