The legendary items arent even that rare, there is loads of them kicking about. The level 50 legendary is better than the level 76+ 'trash' kit. And yes, they are overstatted. Atm the jumps in item stats is too great, you can literally double your stats each teir, or triple them by getting legendary 20 levels below your level.
This is bad when you consider getting say 2 decent legendary items will catapult someone from being weak to dominating the game.
Example being yday, 6 level 76+ (4 warrs, 1 tao 1 wiz) in full kit of their teir and a few legendary items each got absolutely wiped by 1 wiz and 1 tao in just a few more legendary items. Literally couldnt hit them, and they 2 shot each and every one of us.
I dare say that could have been fun for them just because of who they are, but for most people it wouldnt be fun on either side.