There's a big thread at the moment about how much random loot sucks at current endgame, and how basically everything save about 1% of items is pretty much useless. (The thread's called "A Frightening Problem that is Growing" or something like that).
My philosophy on random vs. named loot is that it should be a little like Diablo 2 was when first launched (pre-expansion) - (most) named loot is really really good, but not quite as good as the best possible random loot, so most people started out with random loot, then improved to named loot after a while (in D2 this was the Unique Items), then eventually they aspired to, and may have found or traded for, better items still in random loot.
Here's a few constructive suggestions to put a little bit more excitement into opening a chest again. These would involve a level of power creep in random loot, which IMO is needed as most endgame characters really only use a couple of items from random chest loot - stat damage weapons, Potency sticks and a couple +6 stat items - with nearly every item slot and weapon used being Shroud items, raid loot or the odd named item.
1) Increase the probability of special materials (Mithril, Alchemical Silver, Adamantine, Byshek, etc) on higher level drops. Surely someone with the resources to enchant a +5 holy greataxe of evil outsider bane would have the resources to make it out of alchemical silver. By endgame, IMO, 30% of items should have a special material - it seems like about 3-4% actually do. In pen and paper, there's the distinction between a minor magic item (unlikely to be a special material), medium ones (some chance) and major magic items (pretty likely to be a special material) - we could do with something similar. Instead of a (guessing) 0.001% chance of getting a Holy Silver Dorf Axe of Greater Evil Outsider Bane in a chest, we might now have a 0.02% chance of getting something better than Mineral 2 for devil beating, for instance.
2) Add some more really high level modifiers (like Archmagi, Resistance +5 or Bracers of Armor +8) which are currently only available as RR items. Due to the power creep already in-game, some of these will need to be sourced from the Epic Level Handbook. This won't unbalance things further, as Shroud items are more powerful than most of the more mundane Epic Level Handbook stuff anyway, and Rings of Wizardry 5 are one of many Epic Level Handbook items we already have in-game that cause no problems. A couple of ideas:
Gloves of Epic Dexterity (+7) - Minimum level 17 (15 if RR, as ML is over cap, cannot drop without RR at the moment).
Cloak of Superior Fire Resistance - resist 40 fire (again, ML 15 if RR, 17 and currently unavailable if not RR). Do not take the Epic Level Handbook's rings of elemental immunity, however - these would severely unbalance DDO.
Amulet of Natural Armor - +1 (ML 5); +2 (ML 9); +3 (ML 13); +4 (ML 15 RR, 17 & currently unavailable if not RR, surprised this pen and paper staple isn't on the loot tables yet, +5 to come after a cap increase). This would probably end up like Archmagi - a powerful mod few would ever find a slot for, due to the ease of replacing it with something else (in the case of Archmagi, raid loot with Wizardry 6 or better and other benefits; for these amulets, Barkskin potions or a Ranger)
Items of +17 Skill - all skills for which these items already exist (plus UMD if you want to ruin the game )
+40% Striders
3) Retire some relatively unpopular modifiers that are very similar to other modifiers. I'm thinking of Seeker +4 and +8, Sneak Attack +2 and +4, Tendon Slice 4% and 8%, Weighted 2% and 4%, Vertigo +4 and +8 and so on - people that don't like these modifiers (i.e. most people) won't see them diluting loot as often - people that appreciate and/or have fun with these mods will still have three versions of each of them (e.g. Seeker +2, +6 and +10) to play around with.
4) Choose some prefixes and suffixes of very low minimum level that are not at all desired at high level (e.g. +1 Str, +3 Heal). Make these unable to appear on items with minimum level over 10. This will remove a few of the frustrating junk items from the loot tables, without removing all of them (you'll still get, for instance, +4 Wisdom rings of Protection from Sonic 3/day)
5) Add some new clickies of spells that are not currently available as clickies on random loot. Choose very, very carefully which ones to add to general loot (e.g. Chain Lightning and Mass Cure Moderate Wounds would be pretty safe; Cloudkill would be a huge mistake).
6) Add some high-level Sunblade-style (pre-Mod 8) items - named items with lower-than-usual drop rates that can drop in any random chest of high enough level. These would be like (version 1.0) Diablo 2's 'unique' items - powerful but still mostly weaker than the best possible rare and crafted (and in DDO raid) items.
Some possible examples:
Scintillating Necklace
ML 15 (drops in level 18 and higher chests, exact same drop rate as the Sunblade)
Amulet
Radiance Guard
- this is an item that's a lot weaker than a Shroud-crafted +45HP Radiance 2 cleansed amulet, but it's still something you'll be excited to pull and may well use for a long time at endgame on a wide variety of classes - until you eventually get something else that's better.
Belt of Physical Prowess
ML 15 (again, Sunblade-style drop rate in level 18 and higher chests)
Belt
+4 enhancement bonus to each of Str, Dex and Con
- again, nice item, but to most it will be quite a bit worse than a Titan belt, for instance - but still something you'll be very happy to pull.
Radiant Sun
ML 16 (again, very low chance of pulling in level 19+ chests)
Greatsword
Alchemical Silver
+6 enhancement bonus
Holy
Radiance 2 (i.e. the on-crit proc of a Shroud-crafted Radiance weapon)
- another item you'll be happy to pull, and might use for a while, but isn't 'perfect', and players will eventually replace it.
IMO these changes won't increase endgame player power level much, but will make opening chests exciting again, particularly on endgame quests run on elite. Even though most of the loot will still be chaff (and most of it needs to be for game balance), we'll be back to a Mod 4 style situation where genuinely good loot will have a low but noticeable chance of dropping in random chests, and after an evening's play, even casual players of capped toons will on average either pull one exciting item from a random chest, or see someone else in their group pull one - making them more likely to come back for more. Plus, stronger players will have some real incentives to run quests on hard or elite again, which is more exciting and seems less of a grind than running (say) Shroud normal yet again.