KI has traditionally used drop rates as the main regulator for the rarest gear in the game. You farm a thousand times, and then you might maybe sometimes get a good thing.
Here's another thought. Forget making the drop rate of the End Boss incredibly low for a minute. Why not program a new roaming boss, carrying exceptionally rare items to appear at certain times, in certain realms, in certain worlds, and only on certain days of the year? It would be first-come-first-serve for the rare items that boss drops. Players could be given clues about when to look and where, and KI could use social media to create "rumors" about when something might be happening.
I personally like a scavenger hunt, as well as the adventure of finding something new and one-of-a-kind.
I don't agree with this because people that have jobs or school would be at a disadvantage. Also, people at different time zones wouldn't want to wake up a 3:00 AM to get something good. I personally like it the way it is where the drop rates are low but everyone has a fair and equal chance. Sarai Thunderstrider Master
" KI could use social media to create "rumors" about when something might be happening."
Using social media for special perks makes me mad. I log into the game every day. I check this site, often several times a day. So do my dad and sister. I go on the good fan sites like Central and Duelist very often too. But I don't have a phone and am not allowed to have Twitter or Facebook. This is supposed to be a game for all ages but having special things like that shuts out kids. I want to craft a spell and the tree house so I need fronds and amber. Those are crazy hard to get. Yet they were given away 5 at a time on Twitter, which I can't use, and while most kids in the US were at school. That's super unfair. Reward the players who spend more time in the game and here on the real website, not the little clique that hangs out elsewhere, often talking trash about the game and other players. So I like the idea of special drops, but the clues should be open to everyone. Then again just raising the drop rates might be better. It's become crazy to even try for the rarest items.
I don't agree with this because people that have jobs or school would be at a disadvantage. Also, people at different time zones wouldn't want to wake up a 3:00 AM to get something good. I personally like it the way it is where the drop rates are low but everyone has a fair and equal chance. Sarai Thunderstrider Master
Actually, if the time and location is randomized, everyone still has a fair and equal chance. In that scenario, there couldn't be any clues though.
" KI could use social media to create "rumors" about when something might be happening."
Using social media for special perks makes me mad. I log into the game every day. I check this site, often several times a day. So do my dad and sister. I go on the good fan sites like Central and Duelist very often too. But I don't have a phone and am not allowed to have Twitter or Facebook. This is supposed to be a game for all ages but having special things like that shuts out kids. I want to craft a spell and the tree house so I need fronds and amber. Those are crazy hard to get. Yet they were given away 5 at a time on Twitter, which I can't use, and while most kids in the US were at school. That's super unfair. Reward the players who spend more time in the game and here on the real website, not the little clique that hangs out elsewhere, often talking trash about the game and other players. So I like the idea of special drops, but the clues should be open to everyone. Then again just raising the drop rates might be better. It's become crazy to even try for the rarest items.
If social media is a bad fit, I'm sure people won't stand for it. There are lots of other ways to circulate word about a roaming boss. Maybe it should be news from a student NPC who hasn't talked much in recent years.
My underlying point is exactly what you said: it's become crazy to keep farming. Other options might be nice.
I love the idea of a random appearing bosses and events that drops extremely rare items and badges, that can be tied to certain times of the day, night, month, or seasonal.
The benefit of having random bosses to fight:
Badge Collecting Opportunity Crazy loving badge collectors go ga-ga for new badges to earn
Rare Drop Who doesn't appreciate or enjoy receiving a well earned rare drop
Bragging Rights You defeat a huge boss, dungeon or area - and you want the world to know it!
In City of Heroes, you got to play a hero or villain able to save or take over the world; and it had successful events that players loved and appreciated. Wizard 101 can easily adopt/use them too.
Here's some of them I remember:
City of Heroes Holiday Themed Events Winter, Halloween, and Valentine's Day:
Winter Events
Random Presents: Randomly appearing large wrapped presents throughout the different areas and zones. Players clicked on them and were told if they were naughty or nice. If they were nice, they received a random drops (pet, harmless snowball to throw at other players, or other objects, gear, housing items, etc... However, if they were naughty, they had to fight a family of snow men, women, and children; or run away with the snow people following in hot pursuit!
Boss:Winter Lord. Players team to fight a Godzilla sized snowman, that randomly appears in certain in-game zones and areas. Random Quests:Rescue Baby New Year, or fight Lady Winter
Special Area: There was an area to buy from an elf, Father Time to get quests from, as well as an area for ski racing and other winter themes activities Halloween Events
Zombie Apocalypse world event- Hordes of zombies would appear in every area and zone randomly. This provided opportunities to fight alongside a mass of players grouped on teams of eight players to defend from zombies rising out of the ground or from the surrounding area
Trick or Treat - click on door to either receive a treat (a nice drop), or a trick (fight mob)
Crazy loving badge collectors go ga-ga for new badges to earn 
Who doesn't appreciate or enjoy receiving a well earned rare drop
You defeat a huge boss, dungeon or area - and you want the world to know it!