There are two types of GM run "events". The first is what is usually just called a raid and is just that. The Guides get all decked out as monsters and go whack people until the people kill them. They usually dont have any kind of rare loot in this case. The second type of GM run thing is the event, and the event is divided into two instances. The First is done by the Guides on that server, and is usually nothing major that changes the world as we know it, and thus the rewards for the quest aren't as good. IE, they're ususally for lower level or mid level players at best. The Second kind of event is often known as Events, and these usually have something to do with the continuing storyline of Everquests' "persistant characters", IE Firiona Vie the high elf paladin, or Al'Kabor the stuck up Erudite wizard of great power. For example, what happened in the Karanas was done as an Event. ALL Major Events are done by the GM squad known as the Quest Troupe, these are the guys who run around from server to server pulling off the big events that loot like this comes from. And it is only in these cases that loot like the above is created and given out at the end.
So lets keep our facts straight... not all "GM events" are the same.
-Battousai the Manslayer
Brell Serilis
<Minions of Death>