I don't mind the muted colors now because it beats looking like a clown for 10 levels, but I am assuming that the epic stuff will look significantly better than what I have seen so far. I think "epic" should look amazing, with glowing eyes and flaming hilts and all sorts of cool stuff.
Also, since one of my team is a pally and this is my first pally ever I really want that "shining holy gold" look at some point. I saw a paladin yesterday still in his T5 or 6 gear and he looked like a Archangel coming down to smite the wicked... it was rockin.
Gear = stats and gear = style and that is a big part of the game for a lot of people.