Blizzard's goal from the beginning was clearly to make as much money as possible from the real money auction house, which means ****ing up the itemization and reward system. This might get fixed in 1.03, but I wouldn't count on it.
I could see it becoming more enjoyable in six months to a year. As more and more players quit and wind up not spending money, Blizzard's best bet will be to try and cater to the remaining players, as well as convince the old players to come back and spend money.
I do think a lot of the game's problems are thanks to Jay Wilson. You read his thoughts on Diablo II and rather than attempt to improve on the game, he just wants to revamp everything. It sounds as though he didn't even like the game. Combined with the overwhelming WoW-ness of the game, and the ****ty MMO feel (despite there being not nearly as much to do as in any MMO), I'm not at all surprised people are disappointed and getting bored.
Also, if you've purchased the game digitally from Blizzard, you've got a day or two to call them up and ask for a refund. You don't need any reason, as far as I'm aware, but "I'm not happy with the product" should suffice if they ask why. Sadly, I bought a hard copy and have to go through a ton of hoops to return it, so I won't bother.