One of the things that draws me to RPGs is the variety of loot. There aren't many other things that keep me exploring the game world in the same way.
I have to say, probably one of my favorite games of all time ( and I can narrow it down to 2 ) is Diablo 2. No other game seems to nail the random generator as well as D2 does. I remember my friend making a Necromaner, running out to the blood moor and popping open the first chest which contained a Gull dagger. Not the hardest weapon to come by, yet, still fairly valuable and you could play for days or even weeks and perhaps never find one. When you do those magic find runs or cow runs and you see that unique drop that you A) have never seen drop before B) know is worth a fortune or C) actually need plus A and B, I have never gotten the same feeling from another game.
From D2 on, loot has become one of the main features for me. Poor loot variety or RPGs were everyone ends up with the same top gear don't usually interest me as much.
I also like multiple effects on gear. D2 spoiled me in this way. When games have low variety in loot, have the same loot hidden in the same spots, I gotta take off big points for that.
So, what game or games do you think have the best loot? What games do you think have the worst loot? I'm bored at work, let's discuss it.
Other games I like the loot in are Demon/Dark Souls, Two Worlds 2 and Morrowind. I feel Dark Souls gets it so right with the variety and equipping options.