There will probably be a good variety of hand placed loot, especially better quality items, as well as items that serve as customized loot for plots or areas as well as for balancing reasons.
There will almost certainly be some randomly distributed loot. However, we plan on limiting randomization to places and types where it makes sense (no randomly generated diamonds or magical swords in the crate behind the bakery).
There may be some 'adaptive' loot in the same way it was used in Hordes of the Underdark. e.g. if our intention for a specific plot to provide a very special reward to the player, the actual object may be determined using statistics such as the players preferred weapon or party setup. I guess this makes most sense for quest rewards.