I played UO several years ago with some friends and it was fun and everything, but it seemed like there was literally almost nothing to do except PvP. However I was pretty twinked out, I supposed, maybe this is why PvM didn't seem that useful? Still, I played a considerable amount and found almost no drops of any value and certainly no interesting loot at all. I think the best thing I found was like gems and reagents from farming dragons.
Is there anything else to it or is that basically it? (Vanilla UO, not talking about special custom server encounters or anything)