One thing i really liked about Titan Quest, was that an enemy which had e.g. a unique axe in his inventory, that would be dropped if killed, would really wield that axe as his weapon. I don't know if uniques etc. are going to get custom skins in PE but i think this system was just great. It made the game that much more authentic. Although one must mention, that most enemies were fantasy-creatures with the ability to wield weapons. So as far as i can remember, it didn't have a completely disconnected loot system.
Coming more to the topic, i like "authenticism" in games, be it fantasy games or not. So i would also rathter pick the third one. For example, i didn't like the fact that i dropped countless enemies in heavy armor in the Witcher 2, without being able to use most of their equipment. This resulted in crafting to be mandatory, in an obtrusive way. Oh, and don't get me started on that MMO gold/instances-grinding - i tried it once and still can't comprehend why people would pay monthly fees for something like that.