So the biggest problem i have with legendary equipment is how hard it is to find and the life span of it... I understand the reasons for this and i'm not here to wine about it (a lot of Blizzard's designee chooses make sense).
So i find an really cool looking legendary that drops for me for the first time on act 2 nightmare (OMG shiny Legendary) and i identify it...
A. It doesn't have the stats i need or anyone needs and gets trashed...
B. Its does have the stats i need and i will out level it quickly making it not that much of a awesome find. (at act 2 NM i will level pretty quickly and find better equipment soon.)
This makes finding legendarys not have that special feeling that i feel they should (my opinion... take it for what it is worth..)
So, after i am done with the legendary ill just sell it on the AH for low gold because its really not worth anything or trash it...
Now another problem i see is: Blizzard wants too make it so that not everyone is running around with the same gear end game and looking the same (and everyone trying to find the same "piece" of equipment)... As it is right now (even with legendarys under-powered) people still will.
Why? Because the best items are iLVL 63 rares. So if a person grinned and maxed out their character with the best of the best it would have to be perfectly rolled iLVL 63 rares. (which is the last tier of equipment). At that point the most devoted people would all start looking the same (same with issue uniques in D2).
Now my proposed fix to this... Make a secondary equipment tab that you could equip items to... Now this second equipment tab would not add the stats from items you put there but what you have in your second equipment tab would show on your character. So you could have that cool looking iLVL 23 legendary be showing on your character but really have an iLVL 63 on your main equipment page that you are getting your stats from. This fixes all the issues that i mentioned above
Now another things this helps out with is a Gold sink.
Why? Because legendarys wouldn't get trashed so easily. High end players with extra gold may want to buy that low end legendary because it would fit with the look they are going for. Also you could make it cost gold to unlock each slot in your secondary equipment tab (more gold sinks in the game the more gold is worth and the more it will sell on the RMAH, we all win YAY!)
Also i know the developers want people to revisit the content more... Why would a lvl 60 want to play normal again? Well if they added the secondary equipment area maybe a lvl 60 character would want to farm act 2 mormal with 5 stacks of NV to get http://us.battle.net/d3/en/item/leorics-crown for the look of his/her character (not sure if that really drops act 2 or not, just an example). So more exploring the world and revisiting content.
As it is right now, why would someone that can farm act 4 inferno want to farm act 1 inferno? You wont get as good as items... The best items are iLVL 63 rares and they only drop act 4 inferno...
This would also help with people having something to do end game... keeping more people playing end game and not bored keeps your player base strong (more players, more possible people using the RMAH, more chance for blizzard to make money, we all win again. YAY!)
But again I'm just a random guy posting and i know blizzard has a LOT more issues that are more important to work on than this but i wanted to throw the idea out and maybe something for expansion (to keep in the back of your guys heads for later when you have time?). Also i'm not sure what the programming challenges would be for this (I'm not a programmer).
Let me guys know what you guys/girls think and maybe i can get a blue post to respond (fingers crossed)... or maybe my idea is stupid, idk (my friend call me gay when i told him about my idea... i want my character to look "pretty", lol).