I can answer your questions.
First is a simple case of mudflation. Newer expansions make better gear available at lower levels (and much much beter gear available at higher levels). This is also one of the ways they get people to older zones.
The Fabled mobs spawn every March for a month to celebrate the anaversery of EQ. This was actually an attempt to simulate what p99 is doing (making a mob that hasn't been touched in years a challenge that requires a group of well equipt (by current standards) and drops good loot).
The first year of the Fableds was amazing. No level requirments and huge lines for camps (a fabled version of Jboots dropped, and Najina had people in it 24/7 the entire month, LGuk was the same with fabled FBSS and EE bags dropping).
The second year was Kunark mobs and they put level restrions on to attempt to cut down on twinking. Still some good loot, just not as good as the first year. The third year blew (High risk mobs, low reward gear). I quit live after that.
As for the spells, the LDON expansion had magically locked and lootable treasure chests. There is also spells to check for magic traps and disarm them.
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