The itemization is truly awful and unrewarding. There's no loot hunt to speak of because of this. Items are generic garbage and you have to spend tons of time reloading quicksaves at big chests, if you want to get something even remotely useful, especially late game, or you have to spend hours with the clunky crafting system.
With no savescumming and no crafted equipment, I have a pair of godlike characters for whom combat is frankly too easy most of the time.
I agree that items don't tend to be exciting -- which makes me wonder why people even bother savescumming. The potential rewards just aren't there.