No idea about the jester's bag. I rarely use it unless I'm low on ammo. Otherwise I just drop it because it takes up an inventory slot.
My favourite random drop is the Repeating Heavy Crossbow - +5 attack and damage, 3 shots per round. It is fantastic for taking down spellcasters and archers, especially with bolts of biting or lightning.
Probably the best item I've received out of the chest in the orc cave was the sash that gives a permanent bless spell to the wearer.
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Where there is a great deal of free speech, there is always a certain amount of foolish speech. - Winston S. Churchill
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