This has ties to "Ideas for 1.12" thread, but since the forum name is "1.11 Bug Reports & Suggestions" I figure why confine half the forum's purpose to one thread.
Anyhow, I think the biggest fault I'd have in this game is the complete lack of balance in items. After Blizzard massively pumped Hell Resists/Physical Resist and HP in the 1.10 patch, previously usable uniques and sets are now just grail/garbage. It's kind of ridiculous to work so hard to have a TC 84 or even TC 87 unique pop out of pindle, only to find out wooowheee It's a Gut Siphon Demon Crossbow!!! About a fourth as effective as a TC 48 Buriza, and used by approximately zero people in all of diablodom. Why even bother programming in the stats? The mouse-over should have a grail code and the price you can get from Charsi written on it.
Blizzard did a great job with the Unique Helms. Shako, Andarial's, COA, VampGaze, Arreat's, Jalal's, Rare circlets, Guilliame's, Lore, etc. and more all pass for end-game equipment. There's a legitimate debate over which one is best and plenty of builds around each. That's because they all offer different things: CB, Resists, Skills, DR, Leech, and so on. There's no clear winner, and that's how it should be for other equipment.
So here's my Nominees, with some notes about how to maybe gussy them up if there's another patch later on.
Medusa's Gaze - With a 219 Stre requirement, this shield has no shot of being used anyway. But make it the only shield with Crushing Blow, say 10%, and some people might find a use for it.
Spirit Ward - TC 84 and only marginally better than the TC 30 Gothic Shield. +1 to skills here and this would give Lidless a run for its money, despite the 185 Str Requirement
Frostwind - The name of the sword is FROSTwind, and it has less cold damage than the Azurewrath. In fact sword is kind of like the Jan to the Azurewrath's Marcia. But avtivate a low level Holy Freeze Aura when you equip it? That's worth having.
Messershmidt's Reaver - This axe was teh pwnage in the original Diablo. Right now, though, there's not a single 2-handed axe worth anything in D2. The Fix? Make this the most damaging weapon in the game. Push that ED% to 400. At least make someone THINK about using it.
Gargoyle's Bite - The most worthless TC 87 in the game. And yet, there's potential. Imagine if instead of those Plague Javelin Charges, there was +5 to Plague Javelin, and maybe -25% to enemy Poison Resist. It could become a Plaguezon's must-have.
Steel Pillar - This is probably the second most worthless TC 87 in the game. Would it be too much to ask to push that -20% target Defense up to100% with this? And that Enhanced Damage to 300%? It's a pillar made of steel for crying out loud.
Gut Siphon Bottom Line: If it's a crossbow, and it's not a Buriza, it's not worth owning. This would have to do about 500 Poison damage per second to have anyone consider owning it. And even then, probably not.
Stormspire - The highest level Polearm is also by far the worst. Only 1-237 Lightning Damage, worthless CTC's and pitifully low ED compared to the other Unique polearms. What character that's capable of killing a monster high enough to drop this, could have any use for it? Holy shock Aura?, CTC Level 20 Thunderstorm?, Static Field?. Take your pick.
Others that I didn't feel commenting on: Ghostflame, Lacerator, Cranebeak, Ecevutioner's Justice, the Druid and Amazon Set weapons. The list goes on and on. And with just a little tewaking people might actually have to make choice for their weapons.