Asaide from the people not reading any of the posts I don't think anyone giving critique to the drop rates and the system of it is seeing the situation as black and white.

to make my point easier to read for those who apparently want to see it in a very simplified way I'll (annoyingly) bold the keywords:

"Though these numbers aren't actual, he characterizes the system like this: the first time you kill a monster, you have a 16% chance of getting the item. The second 32%, third 48%, and this progresses to 100%. But he warns "it also got rid of all of the good streaks and we had to raise the base drop percentage higher." 
-Christian Nutt gamasutra article.
Why in this day and age are there still completely random drops to begin with?
By design this makes the player feel like he's not making any progress by grinding.

Let the op know after each kill with a bar or a number that his chances of obtaining the said item is approaching 100%

Another way to do it is just to give a lot higher chances of drops but split the loot into parts like in monster hunter.
I apologize for not being able to explain it better but I'll just throw a "English is not my native language"-card to avoid extreme flaming. (wishful thinking)

Anyway have to stop writing at work!! I have games to do =)