In my opinion… There are way too many “legendary” items… I mean rename them.
An item that is “legendary” is something you may heard about… it should be soo rare, that only a handful exists. If not even fewer. Were talking about something that has a legend of its own. People might heard the story, but actually never seen one.
What you suggested WAS the original D3.
At that time, rare is really rare. I remember that time I was still wearing yellow gears after one year game play. Few legendary items in my stash, and they were worse than rare. (Many legendarys have no legendary powers at that time.)
People spend more time in auction house than playing. The game was losing players.
To rescue the game, they decided to close down the auction house. As an compensation, they raised the drop rates of legendary items.
As more legendary and set items were added into the game. The high drop rate helps people find gears by themselves without relaying on trading.
Above is a little history of D3.
Ye i know, i played a lot of D3. But read what i said… Rename the items then… a LEGENDARY is something reeeeaaaallllyyy rare object. If everyones having it, then its not legendary.