That's true. But the possibility of getting 600 clubs in a row is already in <img src="/ubbthreads/images/graemlins/div.gif" alt="" />, and you don't see that happen very often. Some areas could have preset items (eg. Shield, Boots, Sword) with a set value. The random stats are applied to make the item worth this value. So you will definately find a pair of super-magical boots, but will they have magical resistances or magical attack or magical skills?
I think that the game should have at least one or two presets of each item so that the player can eventually find the perfect mix of items, but with the random stats thrown in to add to the mystery and chance.