A few things, I'm not discounting what people are saying they're seeing but rather stating fact from my own experience:
1. Group of 8 going thru Fire Island missions, one person opens chest and gets a purple..........ALL remaining 7 party members as well get PURPLE.
2. No possible way someone uses 6 keys, gets 6 purple items be them armour or weapons and only gets a return of 155g(ooops just reread that post...he said 155K

, unless they're all armours - minor runes that the player then salvages and sells to trader for 25g each!! Why do that when selling the armour with rune id'd for 100+ gold every time??
I too have spent plenty of money on keys in the hopes of getting a nice drop, primarily a gold armour for a Sup Vig type loot and the balance of what you spend versus what you may reap....WAY off.
Ex: In this case I'm using the merchants pricing as comparison rather than what I may be able to get from another player because that's purely speculative.
So I get a gold fire wand, max dmg which after being ID'd only has +5 nrg while health is +50%. Next I get a gold Mursaat hammer, mx dmg, dmg+15% while health is +50%, and health +28. The hammer is still mod-able one time as is or to replace the mods it has.
Merchant price on the Wand is 468g
Merchat price on Hammer 280g
Don't know bout anyone else out there, but from in-game experience with selling/buying that Hammer with the stats it has and the ability to upgrade the health to perfect AND add another mod on top of what it's base is....would make this weapon easily 10x more valuable than an un-modifiable wand<---regardless of the +5 nrg.