What Makes GOOD Loot?
You're right in that it's subjective, but here's what I keep:
Armor with 38+ resists (for enhancing attempts)
Armor with 70+ luck (again, to try enhancing)
Weapons - varies, but I will often keep hit mana and life leech 30+, hit spell effects 30+, and weps with hit chance increase or damage increase (higher the better). SSI preferable on slow weapons. Just one of those things usually isn't enough to keep a weapon, but combinations of good values are keepers.
Jewels - FC/FCR combos, 14+ LRC, 10+ HCI or DCI, 18+ DI, or +5 dex with DI and either HCI or DCI
There HAS to be a combination of things on loot items for it to be anything above "Junk to giveaway to newbs".
As Kit said, you should have a base # of resists to look for total with regards to enhancing (like a wizards hat with 38 to Kit would be trash, 'cause you can't enhance, but woodland armor may not need 38 'cause if you enhance *cough*successfully*cough* with wood you can get more resists than with leather/metal).
Luck Armor is iffy, I don't keep less than 80, and even if it has 80, it still needs to come with other properties be it decent resists (25-30) or LRC/LMC.
Weapons depends on what type needs what properties, but in general you want atleast 3 good properties on any one item for it to get past the "Junk to giveaway to newbs" status.
Jewels, Kit pretty much hit dead on, but I'll add in you will need good combinations of properties on these too. Also low intensities (less than +5 Stat, +10 Skill, 30% Hit ______, 5% HCI/DCI) aren't worth keeping.
And for the merchant spin:
These rules apply only to loot, not to artifacts or marties.
TRASH = all properties BELOW 50% max value
GIVEAWAY=2 properties at 50%, total resists 20-40,
MEDIUM = 3 properties at 60%, total resists 25-45,
GREAT = 4 properties at 75%+, total resists 35+
Medable LRC over 15
non-med LRC over 17 (for mule suits)
TOTAL resists over 45 (for metal armor)(enhance to 58+)
TOTAL resists over 46 (for leather)(enhance to 58+)
After this, you start getting subjective. Referring to the item properties list (here), take the following ideas into account
1) Armor with 4 or more proprties (including resists over base amount). This is due to the fact that runic kits can only create items with 4 properties.
2) Learn the intensities of items. Then prioritiz the armor properties in order of preference (not including resists). (These are in the general order of precedence. Subjective depending on type of template the armor is for, and the purpose of the suit)
LMC- Warrior / Mage
MR - Warrior / Mage
Mana increase - Warrior / Mage
Stamina increase - Warrior
Luck - Mage / warrior
Mage armor - Mage, sme warriors with meditation in template. Non-med armor only (click here for a list of medable armors)
Lower requirement - plate only, can be a product of enhancing. Plate is avoided because of the high str req, so it the req is lower, it becomes useable.