I’m glad that Bioware got rid of the random loot from the first game. Honestly, towards the second half of the game, the only gear that you wanted were Spectre weapons and either Collossus or Predator armor. Everything else that you looted was either sold or broken down into omni-gel (which was incredibly annoying to keep doing).
In addition, while there were many different weapons in the first game, they all felt like the same weapons (the only way to really differentiate weapons was through ammo upgrades). In Mass Effect 2, while there are far fewer weapons, they at least felt different from each other (each gun sounds and fires differently, with advantages and disadvantages for each gun).
The same thing with the classes. In the first Mass Effect, each class had more abilities to level, but as you progressed through the game, they all started to feel the same. You basically pick a particular weapon that you were going to focus on, and then just fill up all of your other powers.
In Mass Effect 2, even though there are fewer abilities to level, you still end up with more unique classes. For example, you can create a prototypical vanguard, that focuses on charge and ammo powers, allowing you to charge in front of your team and act as the “vanguard” for your team. Contrastingly, you can focus on crowd control (shockwave and pull), and take up assault rifle or sniper rifle specialization, and be more of a controller. The latter example is something you simply could not do in the first game (due to vanguards being limited to only pistols and shotguns).
In essence, a lot of these “RPG elements” that people talk about really didn’t add as much customization as they seem to think. Of course, I’m not saying that Bioware shouldn’t add more armor, weapons, or abilities, but it’s better to add a unique few, than a bunch of similar items or abilities.
Sorry for the rambling, lol.