Black Lion Chests
See http://wiki.guildwars2.com/wiki/Black_Lion_Chest for possible rewards and http://wiki.guildwars2.com/wiki/Black_Lion_Chest/Drop_rate for droprate.
In my experience there are some usefull items and some sellible items making it interesting to go ‘keyfarming’
Keyfarming is the process of making a character and doing the level 10 story as soon as possible and then deleting again. Mostly this is done by human warriors off commoner background cause this storypath doesnt ask a lot of traveling, and doesnt need any leveling. (my record is 35 minutes, but generally it takes me kitten minutes cause I spend time with chatting in guildchat. Bout 50% off the farms I get something thats worth it (Mini to sell, transmutation crystals, bl ticket scrap, and stuff like that).
Most off these items I would never buy directly on the gemstore. So it is convenience. The main reason I do the farm is cause I actually enjoy it.
My advice if considering it is to do it a few times and when you get the hang of it decide for yourself if you like doing it. If you dont like it, its not worth it. If you do find it enjoyable, then go ahead.
Arise, opressed of Tyria!
You don’t level the character to level 10 first. You make a character, finish the introductory instance and immediately start the personal story, continuing till you get to the level 10 story and get the key. You don’t do anything else but that and it takes in the neighborhood of 30 minutes. Human, warrior (or guardian) and commoner are the recommended choices. You can run past most mobs and just fight the ones the story requires.
I also recommend you buy a cheap ranged weapon as at the end you will be level 4 and they will be level 10. If you don’t have access to a bank golem, there is a TP right before the bridge in the human story line. You can buy one and pick it up there.
(edited by Astral Projections.7320)
I’d never buy the keys, definitely not with real money. Partially because I hate the gambling aspect of it, partially because everything worth getting has such a low drop rate that it’d probably be cheaper to buy it directly (when you can).
I don’t tend to bother farming keys either, but as other people have said it can be done quickly and easily once you get the hang of it. If you really want to try the chests that’s the best way.
“Life’s a journey, not a destination.”