To what extent is the loot randomized in this game?

From my experimentation - it seems to be random with nearly everything [rewards, chests, non quest specific items, etc]. You can literally save/restore to try and hit the jackpot [ie: jewelry with just the right stats you need for your character].

Okay, thanks for the reply... are their tiers of items, i.e. common, uncommon, etc.

I think loot that isn't specific for a quest is randomised. I remember loading after death and reopening an urn, discovered i got a different prize than the last time.