The "What you see is what you get" approach *can* eventually work but it needs a series of tweaks to the overall economy to not break the game (for a start: common items being essentially worthless and too inconvenient to be carried in numbers) and I can't think of many games which tried it and implemented it successfully.
In any case, I'd prefer pretty much any possible alternative to the current "randomize almost everything".
I'm a fan of deliberately designed and hand-placed loot in these games.
I don't particularly like randomized itemization (and "loot whoring" in general) even in hack'n slash games like Diablo, let alone in a proper RPG where encounters are a finite number.
