Loot is random (except uniques), but that randomness is determined early on, maybe at gamestart as sam says. But if you start a new game and go to that well, you should get totally different loot (but you'll always get the same items when reloading saves within that one playthrough).
As far as loot diversity, that should improve as the game develops, but I won't be terribly surprised if it remains fairly uninspired. Something I plan on fixing or improving upon early on though (already working on a loot mod, actually, transferring stuff I did for Epic Encounters to the DOS2 system :P)
I really hope they implement a way to make certain bonuses mutually exclusive (not really possible with how the loot system is currently designed). Stuff like +DW and single handed on one item obviously shouldn't appear. Not sure if that can happen, but I think I've seen something like that.
Lots of items will be kind of weird, like your +2 huntsman and +2 strength item. Theoretically that's decent on battlemage kind of build that might throw a fireball from high ground and get the bonus from huntsman, and then charge in and smack some people and benefit from the strength, but that's pretty niche. Given the classless nature though, it's hard to decide that certain combinations should be more or less common. Hybrids should have their chance at loot as well. In general, I find there's enough loot that isn't weird and niche that the weirder items are fine.
@sam381: Lucky charm still works. It's fairly uncommon (5% chance to activate on looting a container), and kind of mediocre, but it still happens. Not sure if it says "lucky find!" but it should make a sound and show you a four leaf clover.
