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I hate being two steps away from a piece of loot and not have enough time before somebody jacks something that was meant for me. The couple of seconds you get are simply not enough. It should be like 8 or 10 seconds. Gives you enough time to realize you received a yellow/gold item, and enough time to actually pick it up. I hate seeing that I got an item, only to have it swapped up a second later. When I say something about it, I get a reply, "If the devs didn't want other party members snatching stuff, they would have made the time longer..."
With that logic, why did the devs even make a timer at all? This is a good question because the timer serves no purpose with such a short duration.