DeletedUser
I used to do allot of Traveling Merchant, and I must agree with GF here. The droprate after the update is remarkably lower. I hardly ever get any items, and the only shiny ive gotten since 2.0 is a Belle Stars.
I found the 3rd key on the second try, doing Traveling Merchant in 1.36. Not sure if its that easy anymore.
Our experiences vary in both regards. 2.0 started off slow, but I have no complaints about TM drops since my slow start, named or otherwise, and I still do a lot of TM. As for the third key on TM, 130 hours, 460 hours before giving up and respeccing to FMS, and 719 hours. I have a larger sampling than you.