but I believe a decent improvement on the current implementation would be to at least have guaranteed quality drops from boss kills etc.
See, that one I have a problem with. When everything is guaranteed, there is no point. why bother with the system at all? Why not just get rid of collecting gear? Greatly simplify the system so people don't have to worry about not getting something of value at every turn? That is the problem and that defies the point of this style of gaming.
You are developing a character. Character development is a key mechanic to RPGs. It is the entire point of its play. Story exists in many types of genres, but it is your development within that story to which is the game. That is the point of a cRPG, to develop a role within a story. The story is the road, the development is the vehicle.
So, the process of success and failure in gear reward is important. Also note that in this game, there is no set path to which is required. You can play the game as you see fit, according to your own design, your own needs, your own expectations.
So, one not need be guaranteed a certain level of reward for each encounter. You could have came late, caught the pirate crew the day after they blew all the their recent booty on women and wine.
It is the expectation that there be some dramatic reward for every action in a game that has led to games being boring and bland. I am not saying the rewards should be bland, I am saying that the rewards should not be guaranteed. In life there is no guarantees. There are failures, let downs, etc...
Those looking to have sunshine and rainbows on every encounter, well... they should look into My Little Pony games.
