Playing as a monk pretty much as a joke - which of course starts you out with no weapons, poor armor, and basic magic - I stumble upon an amulet. I put it on. I find a scroll, and genocide all sewer rats. Later, this smart-ass shopkeeper decides to throw a sleep ray at me, but it was no effect, thanks to the amulet. So I killed him, and now have a trove of magic gear and about 2000 gold. And this is just dlvl 2.