In Wizardry 8 pick pocket was able to get you some good items, I wonder if that is the case here

Not often. NPCs rarely carry items of any great value for you to pickpocket unless they're hostile. If they're hostile, you can get the exact same items by looting their corpses after killing them (and there's no getting the same items twice as in BG2). What's more, PP usually only gets you gold or gems from NPCs.
In multiplayer, it can get you some excellent items from your fellow players. However, you've little control over just what you steal each time you try, and since players are usually attached to their valuables, PP is not accepted practice everywhere. Most modules do allow it, but only in moderation (it has the potential to strip other characters blind, and not a lot of classes can invest skillpoints in a high Spot score to catch you in the act).
<tt>If you want to annoy, a Wizard (lots)/Rogue(little) is a good combination because you combine holding (and escape) spells with plenty of skillpoints. Just make sure you have sufficient strength to carry all your treasure...</tt>

Some modules are thief skill friendly, however, and will give you some proper rewards now and again.

Ahh, Wizardry 8.. This game can't even come close to that...

I do agree Variol!

This one has some pretty graphics, but the engine and ability to make a party put Wiz 8 way ahead to me as well. Not NWN bashing at all either, but Wiz 8 was an all-time great game.

Used pickpocket all the time in BG, BG2 and IWD and got great stuff. NWN, not so wonderful as everyone else points out. I don't think I've used it at all after the first few tries when I first got the game.