I didnt play in Vanilla, but when I was running stratholme and ZG for mounts, I noticed that most of the loot was blue ... and I've already heard from people that played in Vanilla that epic really meant EPIC! I really wanted to feel that, I guess it will happen
Epic loot is like nothing at the moment, because you can do HCs all day and get T9 ... how epic is that? No, its not epic at all.
To be epic now means to have HC loot/legendary but still they made the legendaries quest rewards so you dont have to clear the raid everytime to beg it to drop when the drop chance is 1% or so...
I really like this post and I really hope it will become reality!