Loot drops aren't that exciting for me in and of themselves to be honest. It's the fact that they're basically a gatekeeper metric to the Raid content. I try not to be analytical about this shit man but my background is in behavioral psychology so I can't help it.
I mean think about it...you're dumping a HUGE amount of time...we're talking HOURS...into essentially bumping up an arbitrary stat number. And to what end? I mean does having a 500 Defense significantly change the game in any way from a gameplay perspective? Sure yeah, Enemies that would one shot you with a 400 Armor you can now take 1 - 2 times on the chin but....really...how big of a deal is that? How much does that change the overall experience of the combat? How much gameplay versatility does it give you in a class build?
RNG and loot drops are an exploitation of variable-ratio positive reinforcement. Humans as a SPECIES are extremely succestible to it to which is why it's one of the FIRST things to get monetized and micro transed in video games. It's why people play the lotto or dump an entire pay check into a slot machine. It's ALSO what fuels fixed-ratio reinforcement...the Marks and Rep systems. These are static gains set an EXTREMLEY high level to keep you clicking that bar like a good lab rat.
It pisses me off man because it's not REAL content, it's smoke and mirrors and behavioral manipulation.
Here's some perspective once the dust settles:
http://www.bungie.net/en/Forum/Post/69775333/0/0