So far, loot isn't very exciting. I know it's only act 1 in EA, and there will probably be cooler loot later on, but I'm concerned that it's not going to get all that much better than loot already is. Looking at the game files, there's only a handful of stats that can appear on loot, particularly armor, and few interesting effects that feel special. On-hit effects are a bit more powerful and special feeling since resistances don't negate them into uselessness a lot of the time, but D:OS1 players will be plenty familiar with them so they've lost a bit of their luster.
What I want to see is weapons and armor with cooler and many more effects. A simple start with armor would be to give them a chance to apply a status to an attacker (e.g., 5% chance to set shackles of pain on an attacker). Synergy effects would also be neat, like "On warmed, deal 10% damage," or "While wet, you heal for 15% more."
I've also advocated specific skill buffs before, but that's more work and harder to balance. But something like, "This weapon causes X skill to have more range" would be amazingly cool. Even just a few of these kind of things on unique items, not necessarily random loot, would be cool. More general effects like, "Necromancer skills have 5% more range," could work too. In general, I want unique items to feel more unique. Have combinations of effects that would never appear on random loot as well as unique effects you'll only see on that item.
I'll say one thing I quite like is how rare items have names instead of just being "Flaming Bow of the Ninja."
Another related note I like, lucky charm has been improved a lot. Level 2+ in it gives you a chance for magic items, level 4+ rares, and level 5+ a small chance for legendaries. And in fact, magic+ armor and weapons are the only things you'll find with lucky charm starting with lucky charm 3. Not sure how much better lucky charm is, but at least it's more exciting than finding some arrows.
Are other people hoping for a bit more variety and pizazz in their loot as well?