Well, this is a lie, a big lie.
I have unpacked TL2 files and i have discovered some interesting value for drop rates. I will give you few intro information to better understand the maths part.
-In TL2 legendaries are something like "a very good" legendary in D3.
-I actually have an embermage level 63 with 19 hours of gameplay.
Now listen the fun part. The chance to find a legendaries is 1/2500 from champions mob.
I have killed 308 of them after 19 hours of gameplay.
That means you need around 160 hours of gameplay to find 1 legendaries.
But since there are 60 legendaries and their item level spread from 60 to 100 and there are 4 classes with very different stats and needs, you have a ridicolous low chance to find exactly what you want when you need.
So this means "rewarding" as they say?
Well there are also boss drops and special chest, but the chance doesn't put the numbers so high.
Unique chance rates are bit better, indeed i have found a lot of them, even if only 1 has been equipped by my character.
The true is that TL2 is exactly the same as D3. When you hit level 100 you have to grind like hell in order to find the uber equip you want.
Itemization is just better, with way more affixes diversity.
But drops. Drops are just the same !@#$.