Then maybe you guys should start a thread on the Thieves Forums that specifically outlines the kind of "realistic" things you would like to see added to the game for your class.
Insurance isn't going away anytime soon so that settles that. No point beating that dead horse. The alternative to that is to play Siege (yes Rico, I know YOU play there ).
Asking this is like asking what a classic shard needs. Let's point out a few problems in your goal to make a meaty bone:If we're going to "throw you a bone", I'd rather it be a meaty one. Just be clear about what you want and reasonably realistic about it.
10. Thou shalt not call thy self a thief if thou hast not stolen from thine fellow player.
Seems simple enough no?
So your goal is to create an item(in any way shape or form) that players will want to use and keep on them that is useful. That is the first step. This item must be useful enough to players that they actually use it in favor of current items however. So creating a new artifact weapon that is cursed that people just simply won't use is not going to work. Something people will carry in their packs because they need it. Not because they happen to have one.
One item is also lame in this aproach. A group of items would be a necessary addition to really do some good.
Allow me to create a scenario:
A dungeon is created that requires keys throughout the dungeon in order to proceed to different levels or different areas. The way these keys are obtained is not important. What is important is they are stealable. They keys are consumable so you cannot carry multiple copies. If thieves steal your key you have to kill them to get it back as the key will not respawn until the thief leaves the area or a time limit is met. Say an hour or so. This gives a chase and a prize.
This is a good start but there needs to be a little more. Incentive for the thief is the chase in most cases. Another incentive could be the thief returns the key to it's point of creation or even an NPC fence. He receives some reward for this action. Money, items, fame...whatever. A new title or prestige something or another could be created. The sky is the limit. The point is making another reward in addition to the chase to create more incentive.
I've done my best to give an example of what type of thing could be made that removes insurance from the equation while still creating a chase and reward scenario that a thief might be interested in. This scenario require one of two addition components as well. It would need to be in felucca or it would need to be in a newly created trammel-like facet where thief would turn gray to blues and be attackable. The latter scenario would cause problems as there would be so many thieves packing said dungeon it would crash.
Again, I realize that you cannot please all the thieves out there and this is not going to make disarm thieves happy. Nor will you make Rico happy as he wants to be able to steal goza mats. (Couldn't help it. It was funny) Until you create a set of weapons people have to use that can be disarmed and stolen you will not please a large group of thieves. It's important to realize what is realistic and what is not however. The above is realistic in a current felucca environment.
Like it or leave it I have tried to help create a scenario for a class I do not like but had an idea that was worth mentioning. Expand on it or pick it apart but don't expect me to defend it as I've expended all the energy I'm going to on the subject.
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