I am not too happy with the way the gear/weapon system is currently but it is okay.
I do not think that the best weapon in the game should be obtained through luck on a Loot Roll personally. I know that you have to beat Twintania to have even a chance of rolling on it but damn...You could beat Twintania over and over and over and never get the weapon....that is pretty crappy, also a ton of time with the Lock out on Coil.
It should be that RELIC is always the best weapon and I think the system they have made is pretty decent...just should have been a little longer and more involved. Now the +1 should have been more than grinding the 900 Myth (3 weeks of no skill to get). The AF+1 Gear should have also been a long Quest Chain mixed with some grinding to make it more interesting than just a dungeon grind as well.