I noticed that as well but what I've also noticed is that the single-resists (poison, fire, etc) are now rolling upwards of 150 so it appears the loot system is making up for it.
I finished up Act 5 last night on my monk on T1 and, boy, was it getting pretty rough. I was nearing 300k DPS and 2.6m toughness and had to switch to 1-h & shield. DPS dropped to around 250k and toughness went to around 3m but I was okay with that as I have switched my build over to high-spirit cyclone/sweeping winds (lightning)/lashing tail kick (lightning stun) build and was mainly responsible for pulling and keeping mobs around me for the nukers and AOE in the party. Worked out pretty well. Died twice on Mal and ended up with the recipe for Reaper's Wraps and another legendary (can't remember which one but was nothing to write home about). I did pick up a pretty good Fleshrake that I will try and put a socket on at the mystic unless I find something better.
Anyone else finding Death's Breath crafting agent difficult to find? I had enough to upgrade the Mystic but only had enough to partially upgrade Blacksmith. What's the trick to getting those? Will they drop on anything other than Torment levels? If so, I guess I could just run through lower difficulties and wreck elite packs for them...