I guess it depends on your perspective, on what "geared out" means.
Some of my friends in game do nothing but play Diablo 3 all day (no job), and bot while they sleep. There's still gear they are looking for... meaning someone like me who "only" plays 4-6 hours a night will never find all the gear they could want. At least for the amount I play, the drop rates are pretty ideal now. In earlier patches, it was possible you could play nightly for the whole season, and never find the weapon you needed to complete the build... now there's no risk of that, it's just a question of how good of one you end up with.
Diablo 2 is a very different game though. I really hope they don't try to "update" the game mechanics.