Hehe, yeah, i remember the Covetous Lich Room back in the day. I used my GM LJ Swordsman with a Indestructable/Accurate/Silver/Power Large Battle Axe there. Killed Liches pretty quick, but if they ganged up on you, you were screwed if you didn't make it out that door fast enough. Of course also had to deal with them leeches that would wait for you to get the Lich almost dead, then they'd hit it with a dagger once so they could loot it without turning grey (Could attack Criminals on sight, plus when Tram first came out, you could attack Criminals in Tram as well). I would hunt Liches late at night, people thought i was ****ing nuts. 1:00 AM and a guildy get's an ICQ from me saying "Can you rez me in the Covetous Lich Room?"
Not too long ago, before they killed the spawn rates in Fel, the Covetous Lich Room in Fel was pretty nasty. Not only do Liches spawn in there, Lich Lords do as well, and they respawned almost as fast as you killed them. Great place to farm Books of Truth during the event, just had to have ALOT of insurance money and some buddies with you.
My Macer/Paladin has a Silver-Etched Mace with 28% Stam Leech/Undead Slayer/15% SSI/38% Dam Inc and 100% Fire Damage (Weapon of Bane, no need for Con Wep), and he can drop Liches in 1-2 hits, Lich Lords in 4-5, can't remember how many for Ancient Liches. I've noticed that Lich Lords are more dangerous than even Ancient Liches, because the Lich Lords' casting AI is insane, they can dump some seriously nasty combos on you in a blink of an eye that will drop you from full health to near death.