This is a question about the loot system and how it works in co-op.

I'm aware that its advertised as individual loot and that everyone gets something different but what I'm more interested in is how far that extends.
Playing through the beta last night I was noticing a patter of everyone sort of "following" each other in a way, then I relised it was at the exact time I would pick up an item or some gold.

So, does this mean that whenever I see an item drop, everyone else will see a item at the exact same time and location as what I saw?

Does it then go as far as if I see gold they also see gold, or if I see an item say a sword drop, do they then also see a sword, and its only the affix/prefix that is random? if mine is a rare is theres also a rare but different?

Maybe if I see a rare they also see a rare but of a different item type?

How exactly does it work?

I like the idea of different parts of each, for example everything being random makes my gameplay still feel unique and "solo-like" while playing in a co-op game. However if the item types are the same I can know if someone else has a specific type of item I may be hunting for trade purposes.