Maybe for some. Not for me. The more bad loot I get the less I even want to pick up loot. And for me the problem is bad loot; which is bad Item and game design, not low quantity of loot.Diablo 3 is very much a game about killing monsters and getting loot. Drop rates directly impact the "getting loot" portion of the experience. The time it takes to get the 200/200 helm is going to impact how much fun most players have.
Up the quality of drops and decrees the drop rate would provide a better treasure hunt for me. Pick up less and get the same amount of quality Items per hour.....you just lose excitement for drops if they drop all the time and are virtually never good.