On the subject of finding the exact same item in the exact same place, I don't care for it. It diminishes replays and facilitates powergaming (which the latter, I admit, isn't a really big deal in a solo or small group game like this). Certain areas might be scripted to result in loot, but give a little variety on what can found. As for random places, I think it can do done, but might require some effort to make it not feel ridiculous (e.g you find random magic sword and then a quest is set in motion wherein the son of the warrior who it belonged to is out to reclaim it).
At the very least, do away with the flood of magic items everywhere.
