An idea I'm playing around with is the ability to tag items. I might want to tag a set of items as 'balance gear' for example.
Tagging items would be sweet. Then take it a step further. Use bayesian filtering to automatically classify items based on how the user has previously classified an item. It would be a learning algorithm. Applying this process to loot would be just awesome. Create a bag for FR. Classify a piece of gear as FR and further items that possess the similar qualities as the first item would also be classified as FR.
The way I see it is that loot is just the same as email. You get a lot of it. Some of it is for work. Some is personal. Some you want to flag as this or that. Then there is the spam, i.e. vendor trash. Mixing it all together just doesnt make sense and email programs have been tackling these issues for years, so might as well borrow from what they have learned.