The biggest change is that you can train fishing to 120 with the use of powersrolls and thus having a better catch rate for serpents. There are also ancient MiBs, giving you better loot. Another thing is that mobs will spawn when you fish up an MiB chest, much like a treasure chest on land. Normal MiBs spawn one water elemental and one deep water elemental whereas ancient MiBs spawn two deep water elementals.
There are a lot of threads about this subject around (also some in the new player question section). So you can look there for more info.
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