Yeah I decided to restart since a buddy advised me they fixed the loot, tosses the pay to win or lose AH, and rebalanced the classes.... and.... he wasn't kidding. By the time I was level 11 on a new character I had found more rares and materials for making legendaries than I did on all my old characters combined times 2. The drop rate if anything now is actually too high. I am not knocking it though :P Only downside is I still don't really like any of the classes... stuck waiting for Crusader I guess. Funny story though, you will get crusader drops while playing... Welcome back vanilla WoW loot philosophy! Hopefully they at least restricted that to people who actually own Reaper.
I honestly think the drop rate is fine because when reaper of souls comes out the legendaries and stuff will be dwarfed by the items from level 61-70 like in WoW expansions and such.
With regards to the vanilla wow loot philosophy, I beat diablo and got a Thunderfury drop, so I guess that's about as vanilla wow as it gets.