I think if you are starting a new character or didnt already have high end gear the new loot system is a massive plus. If you were already in 80-90th percentile gear its still going to be rare you find an upgrade, but not pretty much impossible like before.
The quick blast I had this morning had me playing my DH like pre-nerf inferno on Torment VI, where standing still for more than a second or 2 resulted in certain death and had me swearing at phasebeasts again, so definitely some room for gear to scale up! Torment 2 felt comfy, 4 was hard work. Havent optimised my build for the changed skills either, which given I was a hardcore Shadowpower:Gloom addict is taking some getting used to.
Paragon level 143 when converted, not too bad from 100/78/30/10