In all honesty I think this cap has been an really good cap overall. The grind to fast cap really brought back memories of previous caps before orbs were introduced. And they were hard and tedious. That's what made PL great and worthwhile. I actually felt accomplished and that the cap meant something. I was cheering for friends and people when they capped as well.
But getting back to topic, I'd have to agree about the drop rates being so low and although we dont know the specifics and tables, removing junk items might help without having to redo the whole algorithm.
Also I'd like to add that I do like the new mechanics of the update on the dragon but his hp is a little high. A third less hp would be perfect.