Drop rate is heavily realized through the rate in which monsters are killed, and people who play a lot will streak along the probability spectrum and still get the best gear, like the people on diablo progress who are already at 1 million dps+ while I am (self-buffed) at 400k and happy enough to be farming torment 1. Playing longer is still beneficial - more opportunities for better gear. So I disagree that those who didn't/don't play very much are somehow in the same ballpark - they were not, and still are not.
My previous post was a response to Desura's comment regarding the real money auction house, and I, for one, am ecstatic that it is gone.
And darkwaffle, the drop rates did replace the AH, at least for the casuals. Now casuals won't be using real money any more to try to chase people who powergame, and can get fairly decent upgrades by themselves, without fuelling powergamers who sold gold/items on the side. The timesink you mention (about finding the "right" items) was there before too, because of those massive prices on the AH (so people either had to farm the gold, or buy it).
As I see it, now the focus is on playing the game to find items, rather than getting the wallet out to buy them. And for those saying that they don't get legendaries for 6 hour play periods or longer - perhaps you're really, really unlucky. My wizard has craptastic gear, and I still get a few legendaries within a few hours of play time here and there.