You can get some items with white names, but not blue or green.
However it's a very cool dungeon to do, and I will always remember the good times I did it with friends.
For instance I still remember the time I aggro the whole instance just with my pet. I was already at the bottom and he was remained at the top of the instance. So of course, to proove his fidelity, he joined me again by walking across the whole dungeon, gathering with him around 20 new friends who raped us at the end, just in front of the final door with the last Gnomeregan boss.
****ing NPCs gnomes.