If we're going purely on feel, I don't like them at all.
Honestly, it's the randomness of it. Yes, there is that moment of "oh shit, a legendary!" that could be described as excitement, but it pretty quickly becomes annoyance for the rest of the people. I've never had an issue when people who raid higher content than me get things that I don't get. I don't have an issue with people who put more time and effort into the game having things I don't have. But, at least in my guild, those things are demonstrably false. It's a small guild, and an even smaller group of people who are constantly around, organizing activities and running content. Of the five legendaries in our guild, one has gone to somebody putting in that level of effort. Three have gone to people who literally don't know how to play (when you get a legendary and our JC offers to cut you a gem for it, you should probably know what your best stat is). One more went to a legitimately good player, but one who puts in a fraction of the effort overall. So yes, whatever excitement might exist in the system is buried in dissapointment. I'm not even sure that will change if and when I get one.
That said, I do realize it's just me being jelly so I'm not looking for any changes to the system. Just don't agree that it feels good.