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I think the looting system is going to be more World of Warcraft based with all the skill tree type stuff and the different factions do give you sets if gear, although I dont know if you set bonuses or not, that would be AWESOME though, veteran WoW player right here :p
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Basically, each player sees different items on the floor when defeating an enemy. Health, Ammo, Loot... it's all the same. "Loot" in this sense, are called "encrypted engrams" that you can take back to the tower create various weapons and armor.
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Same here bro. I also play swotor now since wow sucks because of pandas