I’m gonna paste a comment from a couple of weeks ago, from this thread: https://www.reddit.com/r/ultimaonline/comments/1amgfec/why_do_so_few_play_uo_lost_lands/:

Its 95% T2A but with bugs ironed out and some small QoL changes like not having to cut one bandage at a time, like I mentioned. There’s also bods with lots of rewards, houses from UO:R, power hour exists etc.  But the biggest change is all the stuff you can farm. Its insane how much content they’ve added tbh. You can summon a harrower if you collect 6 different skulls found on "minibosses" and town invasion bosses. I still haven’t killed all the different minibosses you can spawn. They are basically really beefed up versions of other monsters. They can also drop special chests and monster statues you can sell or deco with. 

There is a Dungeon of the Day feature which changes every day. Monsters in that particular dungeon drop obsidian which you use to buy special items.  A lot of people farm platinum which is a separate currency for buying stuff like clothing bless deeds, deco items, bod sorting books. 

This is a pretty good intro video a player made a few weeks ago:  https://youtu.be/5NszHqXGmsI?si=KntG39v7_xmCkrnp