Zan:
Well apprasing is somewhat of a subjective process. But it does bring up a good point, diving up any potential loot.
Does anyone have an equitable solution that would make game sense to the characters.
We as players know the book value of things but would our character really know that. Point being would fighter really have a clue what a wand of magic missles is worth? Or would a Mage or Priest know that true value of a magical weapon?
I say it is a game, and some aspects of it need to be kept as a game. A fair division of loot from the players perspective is probably a better division than from the characters perspective, within reason. A dwarven fighter may not need or ever use a spell book, but he knows it is highly prized, and people will pay.
A fighter would certainly know the value of a wand of magic missiles, even if he couldn't use it, as soon as he saw it being fired off.
The crux of the matter probably comes down to group survival. Spell casters can't do the job without the arrow fodder, without the grunts to keep the badies at bay. While there may be joking and ribbing among the characters, there should be an understanding among the players that everyone plays their part and should be rewarded appropriately.
Personally I'd like the idea of there being a separate division of 'party treasure.' Depending on whether spells components are used, there can be a cost to some spells being cast, and should the caster pay from his/her own treasure for something the party benefits from? I think not. I don't play a caster here, but I still think it is the fairest way.
As players, by now, we should all intrinsically know the value of certain items, so fair division really shouldn't be that hard we're all adults, I think.
PS. That doesn't mean I intend to be reasonable or necessarily unreasonable IC. I just intend to be big and solid, in a short dwarven sort of way.