full loot MMOs will not have items that can not be(or be hard to) replaced. even if they were you should know the risks of bringing those items out, and be good enough to not die and lose them.
full loot MMOs are about skill, not items. they tend to make as level a playing field, item-wise, in order for people to actually go out and fight. not sit in their house admiring their super uber cyberphallic of perpetual awesomeness inside their house, or online profile.
the real PvPers will always play, the carebears and geardiots will not. there are infinitesimally more of the latter than the former.
it takes more skill to defeat a human opponent than an computer AI script.
i have yet to feel the excitement i felt playing UO in any other MMO i've played. DAoC got close, but not anywhere close enough.