After KI finally did the obvious thing (make the 120 gear tradeable), I've been farming the sands of time. I started with the west/myth boss.
After getting about 3 fire hats, 4 fire boots, 2 death hats, 2 life boots, 2 fire rings, 3 ice amulets, and 2 myth amulets and NOTHING else from any other school, I began to question if this guy dropped boots from all the schools.
I went to fight the east/death boss, and other gear from other schools started dropping. Thus far, I've gotten 2 life rings, 1 death ring, 1 death boots, 1 ice boots (I think), 1 storm hat, and 1 death amulet.
Kept the pattern going and went to farm the south/fire boss. This one dropped 1 balance hat and a pair of storm boots thus far.
Conclusion: You will more than likely need to farm across multiple bosses to get what you want from the end game. Some things drop from both bosses, but it looks like most drops only come from one of the three final fights before the actual last fight in mirage.
What exactly is dropping that is worth farming for? I was led to believe from all the posts that the 120 gear was useless.
Not useless, just not a major upgrade.
The new shoes are a slight upgrade from the Rat and also give up power pip for accuracy.
The robes were never useful, outside of the life, which was nerfed. Thank goodness it got some back though.
The hat is a slight upgrade to the hat Omen drops.
Rings are critical/damage rings, very slightly better that give outgoing rather than mana.
Athames are block/damage athames, very slightly better that give incoming rather than mana
Amulets give a very small amount of stun block, pip conversion, and gives a shadow card that does the reverse of what people wanted (shadow for pips rather than pips for a shadow)
Decks give a few points more health, a few points less block, and trade critical for the new pip conversion stat.
Also, shadow pip chance goes up like 1% on the hat and robes I think.
Wands aren't good. The legendary crafted ones are better.