Overall, I'm loving the new loot system. The one thing I wish it did a bit better would be to base your drops on maximum light level previously attained on that character rather than current light.
This would let us play the game without worrying about switching our gear around every time we want to pick up an important reward.
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They did do a similar thing regarding everything in yer vault as well as what was on yer char at the time of TTK being released. I'm sure they could do it again.