Press Y to Transfer
 

As usual this game suffers from the usual lack of instructions, but my question should have been covered in the basic game play. In the Character Screen it says Y Tranfer Item? But does nothing for me what is it supposed to do and can I use it to store my extra stuff Borderlands style?

Do not even bother with transferring. It was to trade to the second player, however the second player cannot save their character. So if you happen to transfer a rare you found with the intention of reclaiming for use later, it will be lost.

The second player doesn't get the benefit of achievements earned nor save of progress. It would have been nice to transfer items to your other classes by this means. What good is it to find a legendary weapon for the warrior when you're playing as the rogue?

Wow, so the split screen co-op was totally a tack on ment to tie up complaints about incorrect random loot and to help noob players complete the game? Oh well, I can always hope for a Crimson Alliance 2 or a Sacred 3.

That sucks. But it's good I found out now. Just bought the game & will be playing shortly. Who would be the better character to play as in terms of legendary loot drops?

They all are about the same and I rarely got Legendary loot drops, in fact the loot drops are really crappy but sell well and the most usable loot is the sets you can buy in the shops and they will sustain you till you can get the next set up.