I apologise if this has already been mentioned here, I didn\'t read all of the posts (more like skimmed down the page before I forgot the idea I\'m about to tell you).
I would say that, if PC pickpocketing is to be allowed, a relatively easy to gain enchantment may be placed on your valuables which binds them to their owners, preventing those enchanted items from being stolen.
I actually borrowed this idea from a MUD I used to play called Realms of Kaos. In RoK, when you die, there\'s a very high chance that you\'ll drop items from your inventory onto the space you were occupying.
However, by \'soulbinding\' your equipment, you could be safe from those nasty PKers and monsters alike in the knowledge that your hard-earned \'Hammer of Incredibly Leet Skull Smashing\' won\'t be left behind.