It was different 10 years ago because UO wasn't about items. (Just gold I suppose)
I don't know why this myth has become conventional wisdom.
UO was always item-based, it's just either worse now, or you just have more choices now, or both, depending upon your point of view.
When the PK had an invulnerable suit and a Heavy Crossbow of Vanquishing, and you had your spells and a store-bought leather suit, he won. Every time.
Anyone remember farming skeletons for bone armor? Not much different, when you think about it, to farming Doom for artifacts now.
Anyone remember the duping of castle deeds in the Ice Dungeon?
UO is clearly more item-based now, since Age of Shadows, than it was. But it was always item-based to some degree, and always had duping, of both gold and items.
-Galen's player