They've been talking about it the entire time. But it's not the same as the PC's "Loot 2.0", so they haven't been calling it that. But they've repeatedly mentioned that the drops on console are significantly different (i.e. more class-centric) than the drops on PC. I suppose the only reason we're still talking about it is because the reviews haven't mentioned it. But you'd bet your ass they'd mention if it wasn't there, if they went through the whole game without being able to gear up.
Loot 2.0 is not the second coming, and it's not going to fix the PC's broken loot system. Improve it, yes, but it will still be inherently AH-centric, and the majority of drops will still be worthless to your playing class.
So before everyone jumps to the conclusion that absolutely nothing has changed, Blizzard was lying, and the game still has a broken loot system, let's wait until folks here on GAF have actually played it and can give us some hands-on info.