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The random finding, collection and equipping of items is most of the magic of the system.  Crate wants to make it more rewarding to get even common drops.  They have made some changes to drop a wider range of desirable items aside from just rare and unique items. Magical items are also not completely eclipsed by frequent rare or unique drops.  Now there is much more of that "scavenger" feeling that you enjoy in ARPGs where there is an advantage to collect and sell everything you can. 
Loot drops from killed enemies , hero and boss monsters  and a lot of stuff also drops out of crates, barrels, bone piles, bookcases, and various other furniture that you can destroy. The world is littered with lots of little randomized „chests“ like stumps you can turn over, rock piles and actual chests. 
These types of loot can drop: equipment , coins , potions , crafting ingredients , charms , quest items , journal pages 
Equipment especially can have these qualities: broken , common , uncommon , magical , monster infrequent , rare , unique 
If your character is getting behind on the equipment curve and progress through the game is getting too difficult you can turn to farming as a way to bring your equipment up to par. 
Casual players should not really need to grind or farm much if at all to complete Grim Dawn on normal difficulty so long as they are clearing a reasonable portion of each level they pass through. In higher difficulties some level of grinding / farming is desirable. 
There is a happy middle ground and the key is just reasonable moderation. Many people play these games in one way or another for the psychological satisfaction of grinding loot... just the grind needs to be a grind-lite. 
The developers fully support the idea of farming gear to outfit subsequent characters. This can be the incentive to create new classes you might not have otherwise tried. 
Grim Dawn has a bastardized loot system that is part WYSIWYG and part random. It provides the best of both worlds. The most important part of WYSIWYG is  if an enemy is holding a badass weapon, he will still drop that badass weapon. 
But the loot system has been made more flexible  and there is a chance now, that some enemies will drop items they do not have equipped. The goal is to make drops less predictable and enhance the lottery feeling of never knowing when you might get a great drop. The developers have pushed the limits of plausibility a bit, but still tried to remain somewhat sensible about it.  Like, insect swarms and wisps won't be dropping armor and weapons. Zombies though, have a small chance to drop a variety of human equipment.  The trick is to just avoid drop situations that break immersion because they are so implausible. 
It makes the game a little more fun and alleviates the problem of melee players being shit out of luck while fighting through a stretch of area dominated by archers, as those can also drop other weapons. 
Crate has taken measures to greatly reduce the amount of trash loot in Grim Dawn.  Broken items can't be picked up, fade away quickly after dropping (improves performance) and the names don't show up. A larger percentage of drops break so that the world isn't flooded with common items.  And if common items dropped in a wider level-range there would be more chance to find common items that greatly surpassed the base armor or damage of whatever magical items you might have equipped, at least early on in the game. 
Due to the nature of the enemy types in Grim Dawn, they tend to have less equipment on. In Titan Quest, virtually every satyr had various armor and weapons, so by default they could drop 3-5 crappy items everytime they died. In Grim Dawn normal zombies and some other enemies like gazers don't equip much or anything by default. 
The purpose is to add more meaning to the items you find and spend less time sifting through junk. You shall feel being in a ravaged world where you need to scavenge to collect and upgrade to good gear. This would be diminished if even trivial fights with fodder enemies resulted in the terrain being blotted out by junk loot. 
The developers also want to create more of a contrast between fodder enemies and heroes or bosses - same with chests. There are more significant encounters where dozens of items drop but normal battles should only occasionally have a good drop.  The refined loot system ensures more consistent rewards from hero and boss monsters and above average loot in mini-dungeons. [5, 6]
In terms of pacing, they think the vast majority of the unique items drop too late in Titan Quest's higher difficulty modes, so a lot of people got the impression that there wasn't much unique item art. 
Even in normal difficulty there will be areas off the beaten path  and "off-world" teleporters that take you to different planes of existence. Some of them will just be random high-challenge areas you can fight through for loot  and harvest rare crafting materials. 
When you walk near sacks of coins they will automatically be added to your inventory, a little sparkly effect plays, and a number pops up showing you how much iron you just collected.  The pick-up radius is large. You just have to be within a couple meters. 
In multiplayer when a player collects coins, they will be evenly distributed to everyone in the group. 
As a relief from excess clicking and as potions are something that you always want, auto-pickup has been enabled for them, too. [3, 4] No one is likely to reach the point where they don't want to pick up anymore potions. Potions drop rather infrequently and they sell for a good amount of money. 
Currently loot drops for all.  Crate could potentially add a group loot distribution system.  Each person would only see loot dropped for them and if they don't bother to pick it up, no one gets it. Basically it would be as though you were playing single player.  If it can't get in for release, this is something they could most likely add in a patch or expansion. 
The game has scrap items - pieces of scrap metal that you group together.  Scrap is a resource used for a variety of purposes such as constructing or improving equipment and completing some types of quests / improving parts of the town.
Crate also wants to implement a system where you can reduce items to "scrap". 
Identifying items will probably not be in Grim Dawn. If something like this is added, the developers will either consider automatic identification on pickup or only apply it to high-level uniques so that identify scrolls could be fairly expensive and used fairly infrequently. 
Carrying around a bunch of identification scrolls or having to identify a dozen items on each trip to the merchant before you can sell them is definitely not going to happen. 
A majority of players might welcome magic find even if it actually made the game worse for them. This is a feature that works well in hardcore but not that well in normal mode. It works well in hardcore because it is a serious trade-off choosing to boost magic find at the expense of critical resist and defensive bonuses without which you might not survive long enough to find anything. In normal mode death is mostly meaningless.
However, there isn't a very straight-forward way to implement it given the current systems and Crate is devoting their efforts towards other features.