Loot drops less, but the drops are better and more meaningful. You'll get Smart Drops - every time one drops, there's a chance its stats are tweaked to suit the character you're playing.Comparing original D3 and the expansion - in Act 3 you'd find 256 common, 399 blue, 275 yellow and one legendary. In Reaper of Souls, it could be 73 white items, 266 blues and 83 yellow items - but there's more chance they'll be smart drops.And it'll throw 6 legendary items your way, and this time they'll be build changers. We're looking at how they're making loot more meaningful - a wizard's legendary wand now has a greater chance of summoning Hydras, and summoning more of them. A new artisan in Reaper of Souls can transmogrify your items - so you don't have to sacrifice your look for more power. And there's enchanting, allowing you to reroll an affix in a rare of legendary item.And the endgame's being rethought completely. Something for everyone once you're done with the story.New level cap of 70, so every class gets more skills, runes.Loot Runs are 15-20 minutes dungeons that are completely randomised.Paragon 2.0 - there are three big changes. It's now account wide, so all your characters will benefit. And there's no longer a cap.
http://www.eurogamer.net/articles/2013-08-21-live-blizzard-gamescom-conference