I don't mind the scarcity myself, so much as the possibility of winning a hard won fight, or making it to an ornate chest and getting stuff that is worthless to your entire party, and then having to just sell it for peanuts. I'm talking for example, getting two handed axes/swords when your party has nobody who uses them, or finding 1 handed weapons with bonus to 1 handed, when your only melee character dual wields, but doesn't use daggers.
Random loot is a big issue for a game without respawns, and as I noted earlier, having to sulk away and find an upgrade off a merchant, or going through the tedious process of crafting equipment for every level kind of kills the sense of adventure and accomplishment from either fighting a tough boss, or solving the puzzles of a tomb.
