Yep. Also gold is shared in local coop, so you all get the same gold regardless who collects it, but the items need managing. With local coop you can generally expect a fairer distribution of resources, not least because you can physically enforce a little generosity. You have to manage shopping too, as yellow items can only be bought by one person. But of course the cooperation is the main draw, and cooperating while planning is as much part of the experience.From what I understand, the loot that is generated is specific to your console. So for local co-op, the players need to share the loot (greediest guy wins), but for online the loot is not.