During my time in the beta I found myself swimming in greens, blues and some oranges. Gems were all over my inventory and I was constantly sending my pet to town to sell all the greens/blues that were completely useless. I personally didn't really enjoy it. There's a reason you look forward to the rare loot in Diablo 3, because it's rare. I didn't find myself excited over any of the loot in TL2 because it was constantly there. Money was a non-issue, and even on the hardest difficulty I was destroying everything in sight.
I loved the idea of the skill points and stats going into what I chose. I think if loot was toned down a bit it would be pretty fun. With all that said, the game play is pretty decent, although the classes I tried seemed incredibly too powerful for the hardest difficulty.
D3 has it's own issues. But TL2 isn't a perfect game IMO.