Legendary drop rate was tuned waaaaaaay too high. There was basically no reason to have anything non-legendary equipped past level 10 because even an underleveled legendary still performs better than your on-level blues or purples (except for uniques) and by the time it doesn’t, you’ve replaced it with another legendary because of insane drop rates.
I found the effects fine, tbh. Some had fun gimmicks to build around, some had powerful effects, some had niche effects, and some were nice gags.
I found the drop rate pretty reasonable in 2 considering that the legendaries had dedicated drop sources as well as just random world drops. So you could actually farm a legendary. As opposed to bl1 where all legendaries were random world drops.