I'd like if loot was tied to your character in some way. If you have 80% of your skillpoints in magic skills, then you'll find more mage-y type loot. If you're a sword banger, you'll find lots of stuff to swing at enemies. I don't believe I've kept anything at all in FOV except for the Dragon Wizard stuff. Every other item is just getting dumped in my Battle Tower. I actually had to run back and sell some of the useless crap to make room in my coffer. What is especially annoying is to find 2-3 potion recipes in every single chest/reward. Really? I had almost every single one in the first game. All of FOV feels a little "tacked on", but the loot tables feel like they weren't touched at all; outside of the 3 sets.
Alternatively, you could tie loot to the type of dungeon. If you're in Maxos' temple nearly everything should be mage-related. If you're in Lord Lovis' tower, it should be fighter related, etc.