I used to play NWN1 on a Silver Marches setting where all dieties had a church or shrine with an available vendor that would sell appropriate items for that specific faith. Each of these NPCs were only eligible for interaction with someone of appropriate diety, which I have no clue how they scripted, but the point was to provide access to a "weapon of faith" of high quality for all players and the result was really good.
These werent godlike items, but they were in scale and balance with the server item power level and would for most people be irreplaceable outside of delicious DM tokened items.
I feel like Karond is expressing here, a lot more vendor availabbility would balance out a lot of the current issues, which would result in less grinding and more fun time spend on faction intrigues and RP in general. It would also put a dampener on the far to often experienced non interaction encounters you have with people chest running greedily past you.
That said, ive been addicted to loot for so many years I lost count and that thrill of busting open a chest in any game and finding something rare, well I dont think that would ever lose its value either. But more shops with more interesting items would definately be great, the Northern goods vendor in Baldur's Gate is one of many great additions since last I played here, id love to see more of his kind.