This is actually a good thing. Diablo II spoiled you with unique items so no magical and almost no rare items could ever be useful. In Diablo III, a very simple item can be very useful because of stat bonuses.
This is not entirely correct. While several Uniques could be considered Best In Slot, a good magical (especially true pre 1.10 path with Cruel weapons) and more commonly a good rare would be the best choice for a given build. Rare (or Crafted) Gloves, Amulets, Belts, Boots and Tiaras could spawn with extremely good properties, often surpassing Unique items.