You can find in caves and vendors soem very powerful stuff. Also with the addition of crafting players can create very nice items. It is so much more satisfying to create my own gear. As a mage I just enchant gloves, ring, necklace, circlet, and boots aqnd wear my archmage robes and this is still satisfying for me but I would like more types of robes and blank versions for each style. My armor/weapon wielding characters will get to have even more fun with the gear creating system.
Why spend your time running around dungeons? When you level up your enemies will carry better weapons and armor when you level up. Just loot the corpses.
I know what you mean about enchanting. But sadly not everyone build their character around those skills. They rely on loot.
And running around dungeons is what made Oblav great. Its a game where you ran into an unknown cave, and came out swinging Umbra and unleashing hell on everyone. Looting corpses only gives you common items though. Nothing really special. Once they get the better weapons, they all get them.