Really good items that are just laying around in the world for some reason or another. Like how Morrowind did it. Give players a reason to look behind the book case, check under that coffin lid, swim to the bottom of that pond, explore that little underwater cave etc. Not have them all locked behind quests or in the chests at the end of a dungeon. It's always irked me that Oblivion and Skyrim took that route with loot and made the world less rewarding to just explore and less organic feeling. That's just my opinion though.
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I agree completely and random as well cuz you would get to the end of a really hard boss and the chest wouldn't have much. Go into a small cave and that chest would have the best item ever -_-