The binomial distribution leads to a miss conception here, when you say 5 identical items, you are speaking about getting 5 of the same thing, not 5 of exactly described one particular item.
Yes, I think that's what I was trying to get at. It's the point that in my example above, assuming my maths is correct the chance of getting two Assassin's Vambraces (i.e. one specified piece of armour) in four drops is only 6/361. However the chances of getting any two identical items in four drops is more like 29%.
With many drops and a specified number of duplicates, the problem gets very hard, but the principle remains that it's higher than people generally think. You are looking at the end result, e.g. four Assassin's Vambraces out of eight drops, but you would have found it equally odd if the game gave you four Weathered Shields (or whatever) out of eight drops. So it's the example where we're looking for any combination of four, we're not looking specifically for the example where we got four Assassin's Vambraces.
For five out of 100 you have the combination
1, 1, 1, 1, 1, (95 other numbers)
1, any, 1, 1, 1, 1 (95 other numbers) etc.
And then
any, 1, 1, 1, 1, 1, (94 other numbers)
etc.
"At least" is important, because if you calculate the chances of getting exactly four more drops of the first item in the next 99 drops you will get too low a probability. Getting 100 identical drops is a combination which matches "at least four matching the first drop".
It might be possible to write a computer program to do a brute force calculation of the combinations, assuming you could specify the problem correctly.
The web page which uses a Poisson approximation states that for three people out of 25 to share a birthday the chance is about 3%, but for three people out of 100 to share a birthday the chance is about 70%. What I take from this is that as you increase the number of drops the number of possible combinations increases massively; so if you increase the number of drops from 25 to 100, the chance of three duplicates is not quadruple, it goes up by 23 times.
If you apply this to the game, with a universe of 124 rather than 365, then I personally expect the chances of getting five drops to be quite high, perhaps even over 50% for 100 drops.