We (56 warrior and 51 shadowknight) easily killed the King of Below. Shadowknight feared him and that was all it took to take him down within a minute or two. In melee he hit me for up to 150, most of his attacks were in the 40s though (at AC 1140). He doesn't seem to have a lot of HP either so a well buffed and equipped warrior should be able to solo him. Dropped the Ring of Below. Nothing impressive but an item that not many have I guess.
I was in Echo tonight and there were two gnomes practically sitting on top of each other at the zone line to Shadowhaven. Their names were The King of Above and The King of Below. The King of Below didn't respond when I hailed, but the other did. However, he just suggested that I go talk to someone else (forgot the name) because he was doing something at the moment.
I was in that cavern and there do not *SEEM* to be any quests. I hailed every gnome and not one even bothered to respond to me. that does not mean however that they are not quest related; possibly an undiscovered quest involves the gnome court somehow?
While exploring the Echo Caverns, I came upon a series of caves with a Gnomish Court, of sorts. There was a jester, a few royal guards, some various other gnomes... but most notably, there were a couple of Royal gnomes... I can't remember their names exactly, but they were sitting in thrones right next to each other, and one was the King of the Above, the other was King of the Below. With these two rings being posted, from this zone, it seems like these Royal gnomes either have some quests or drop some special items.