We're actually working on restoring the epic feeling to epic items in Cataclysm. Epic loot should be epic, and something to be very proud of. Our plan is to try and get the Heroic -> Blue Gear and Raid -> Purple Gear balance back. (Source)
Remember back to vanilla WoW. Remember the Wildheart Set? It was a dungeon set that really showed that you had invested in your character. And then this wondrous thing happened. An extensive quest line to upgrade to tier 0.5! Blizzard introduced the Feralheart set. A hybrid rare/epic loot set. And that gear felt Epic. I did the quest line even though I had better gear out of raids because I absolutely loved the fact that the gear was truly epic. People noticed it. And when you inspected someone that was fully in purples, you were blown away.
It's sort of like The Incredible's: When everyone is special, it means that no one is. When everyone has epic gear, then the gear really isn't epic anymore. It's common. I don't see the logistics between allowing everyone access to the content (and therefore gear) and making epic items feel epic again, but I sure am glad this made their radar. I've been hoping Epics would become Epic once more. How about you?