@Arborus made some excellent points above. I’d also like to echo @Callizer’s concern about smart loot making it hard for one character to farm for another and @Funfrock’s concern about serving short-term appeal at significant expense to long-term appeal.
I have two main concerns regarding a smart loot implementation:
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It’s less interesting. Sometimes finding a fantastic item your current build can’t use encourages you to try a build you never would have otherwise, and this adds to the depth and longevity of any ARPG. Smart loot doesn’t remove this possibility by any means, but it does nerf it substantially.
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It removes (well, decreases anyhow) an otherwise-existing incentive for interaction with other players. Additional trade tends to build community, and even die-hard SSF types (I happen to be one in PoE) enjoy giving away nice items that they can’t use to players who can.
Thus, I see it potentially weakening the game’s long-term appeal for both loners and socialites. The only real appeal I can see for it is for casual, short-term players, who play the campaign once or twice through and then uninstall. But should we be catering to them? They won’t contribute to the game’s long-term health (read: $$$) or long-term community.
I’ve doubtless forgotten a few things which support or contradict the above (short-duration leagues, for example, would weaken both statements). In any case, I do recommend considering very carefully what weaknesses and strengths you will be introducing to the game by implementing smart loot. Make sure the former doesn’t outweigh the latter.
Class-specific loot is a different matter. I personally enjoyed it quite a bit in D2, though it bears mentioning that there were only a few class-specific uniques per class in D2. It may start feeling restrictive, rather than special and interesting, if you go overboard on the quantity.
Also, please remember that there are ways to make loot de facto class-restrictive without preventing other classes from equipping that gear: add class-restricted bonuses (either explicitly, or implicitly via a bonus to a class-specific skill). That way if there are fringe uses for the other unusual bonuses conferred by that piece of gear that a creative theory crafter desires, you are not stifling that creativity.
It’s also worth taking the time to consider exactly WHY you are implementing class-specific items. Design decisions such as this, just as much as the smart loot table, involve both plusses and minuses. Is it adding genuine depth to the game and/or aiding your long-term goals of not being inadvertantly cornered into a nightmare balancing scenario (as we’ve all seen in a certain other game)? Or is it just a gimmick? And if it is the latter (which, mind you, isn’t necessarily bad design!), is it a FUN enough gimmick to be worth the restrictiveness it applies to your players?
Food for thought (I hope).