Farmed 4-8 hours a day, every day since 1.03 hit. Haven't had a "hey, that is a nice drop!" moment yet. Used to have them once or twice a day. Think I'm about ready to throw in the towel.
I'm not asking for an awesome drop from every other elite, just throw me a bone now and then, something to break up the monotony of crappy combinations like 200 dps, 50 str, 50 int weapons.
Guaranteed rares from elites? Guaranteed to suck is what it seems like.
Too much has to go right. First you've got to get an iLvl62-63 drop (60-61's being pretty useless, unless they are rings/ammys) that isn't white. Then you've got to roll elemental damage on a weapon, or the DPS is going to be too low for anyone to care. For everything else you need some combination of All Res, Crit Chance, Crit Damage, etc.
The odds of getting anything decent are insane. Unless you use the AH, in which case the chances become more like 100%, making farming pointless and frustrating.