I'll start by comparing drop rates in this game to Diablo 2. In diablo 2 there were a vast array of items that had value. Gems, runes, uniques, set items, socketed items...a decent percentage of loot that was picked up had at least some value to someone. Some valuable loot could even be picked up in earlier stages of the game. Certain runs almost GUARANTEED some kind of valuable drop (even if the value was low). Because of this, it was extremely rare to play the game for an hour or two without obtaining something of some value.
In Diablo 3 however, it is not uncommon to play in inferno difficulty for several hours without getting a single item of any value. Generally speaking, any loot that is not ilvl 61+ is destined to be vendored (maybe .01% are worth something...if that). Here are the inferno drop rates from the patch 1.0.3 notes:
Inferno - Act I: iLvl 61: 17.7%, iLvl 62: 7.9%, iLvl 63: 2.0%, WORTHLESS: 72.4%
Inferno - Act II: iLvl 61: 18.6%, iLvl 62: 12.4%, iLvl 63: 4.1%, WORTHLESS: 64.9%
Inferno - Act III and Act IV: iLvl 61: 24.1%, iLvl 62: 16.1%, iLvl 63: 8.0%, WORTHLESS: 51.8%
Now to break it down further. I'm gonna just pull some percentages out of the air since data isn't really available, but I think they are reasonable values (note - this is dropped loot, not crafted):
blue ilvl 61: 2% have value, 98% WORTHLESS
blue ilvl 62: 5% have value, 95% WORTHLESS
blue ilvl 63: 15% have value, 85% WORTHLESS
yellow ilvl 61: 15% have value, 85% WORTHLESS
yellow ilvl 62: 25% have value, 75% WORTHLESS
yellow ilvl 63: 33% have value, 67% WORTHLESS
ilvl 61+ legendary/set weapons 20% have value, 80% WORTHLESS
ilvl 61+ legendary/set armor ~100% have value
So lets assume in act 1, in 5 runs you kill 50 elite packs and get 100 blues 100 yellows and 1 legendary and it takes 5 hours:
In act 1 you'd get: .354 valuable ilvl 61 blues, .395 valuable ilvl 62 blues, .3 valuable ilvl 63 blues, 2.655 valuable ilvl 61 yellows, 1.975 valuable ilvl 62 yellows, .667 valuable ilvl 63 yellows, and .1656 valuable ilvl 61+ legendary/set items, for a total of 6.5116 items of value.
Lets assume in act 2, in 7.5 runs you kill 75 elite packs and get 100 blues 100 yellows and 1 legendary (you only have 75% of the mf you had in act 1) and it takes 7.5 hours:
In act 2 you'd get: .372 valuable ilvl 61 blues, .62 valuable ilvl 62 blues, .615 valuable ilvl 63 blues, 2.79 valuable ilvl 61 yellows, 3.1 valuable ilvl 62 yellows, 1.353 valuable ilvl 63 yellows, and .2106 valuable ilvl 61+ legendary/set items, for a total of 9.0606 items of value.
Lets assume in act 3, in 10 runs you kill 100 elite packs and get 100 blues 100 yellows and 1 legendary (you only have 50% of the mf you had in act 1) and it takes 10 hours:
In act 3 you'd get: .482 valuable ilvl 61 blues, .805 valuable ilvl 62 blues, 1.2 valuable ilvl 63 blues, 3.615 valuable ilvl 61 yellows, 4.025 valuable ilvl 62 yellows, 2.64 valuable ilvl 63 yellows, and .2892 valuable ilvl 61+ legendary/set items, for a total of 13.0562 items of value.
By items of value, I mean sellable on the Auction House so that means worth at least 50,000 gold (the min price I will bother throwing on the AH). I don't really like them odds, especially since, at this point in the game upgrading a gear slot costs around 10 mil for me. Because of this, I've made around 80% of my wealth from crafting, and that's kinda sad.
Here's some changes I think would be nice:
1) Increase chance to drop magic/rare/legendary items on act 2 inferno and even more in acts 3 and 4: When I kill an elite mob in act 3 or 4 that takes several minutes to kill, I should be getting a yellow item and I shouldn't be getting white items...period.
2) Bosses chance to drop magic/rare/legendary items should also increase with stacks of nephalem valor: If I take the time to kill five elites and then kill a boss, I should get something decent, ESPECIALLY if it is an act boss. I've killed inferno butcher probably 25-30 times and can honestly say that I haven't gotten a single item of value from him yet.
3) Containers should be affected by mf if you have 5 stacks of nephalem valor: Making it so containers aren't affected by mf was a huge nerf to mf as a whole. I understand it was to prevent some exploits but requiring 5 stacks of valor fixes the problem.
That's my 2 cents, how bout you folks?