This is a throwback to the Legend of Zelda. I feel the following would be awesome:
1. When a character receives rare/blue loot, the quick "duh duh duh duh!!!" sound you hear when you open a small chest in the old school Zelda games plays.
2. When a character receives epic/purple loot, the longer sound you would hear in Ocarina of Time or other Zelda games when opening a large chest is heard, and (this might be a stretch) there is some type of awesome animation (like fireworks or... I don't know... your character facing away from you and then turning around and holding the gear up in the air like ZOMGLOOKATME I GOT PHAT LEWT!!!"
Sadly, I have no Lua programming skills, or I would try to implement this myself.