I still have fun with the crappy drop rates. To me, its all about who you play with. I have felt the pain of not getting much of anything. I have also felt the awesome feeling of getting that shiny new Item i have been waiting for, which i think trumps painful feeling. In the end I just like dying and laughing with my LS friends, who cares if some of us are more leet than the others, we have fun teaching others how to play and have fun playing it too.
I will say this, they should at least have one charm/totem, per party, a battle. that should at least keep it balanced a little more.