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I've been camping this for like 8 hours and never seen the AC spawn a single time, LOL. And when I say camping it, I'm not sitting at my computer playing EverQuest, I am doing stuff around the house, watching TV on the 2nd monitor, posting on forums etc. and just killing the placeholder every 20 minutes or so whenever I hear my in-game dog yipping.
Seems a little bit crazy for an item that sells for like 50 plat. I was able to swing over and grab a Hooded Black Cloak for Sweagen's Enchanter earlier though, so it hasn't been a total loss.
I literally had to get on YouTube to make sure I was even in the right spot because I was starting to doubt myself after the first 5 hours, lol.