I recall succeding in the deed. He's very hard to kill, though.
If I remember correctly, he starts out with, well, the usually mage things for protection, and after that a fireball that really hurts. He targets himself, I think (I was a fighter-type going melee on him, so maybe he targeted me) and is of course almost immune to the damage himself.
It's a very very long time I did it, but I think I remember him dimension-door away from the battle if he gets too hurt, so you have to kill him quickly.
About the loot, I cannot help you, but I think he gives around 14000 XP or so. A lot, anyway.
All advice I can give you about defeating him is to have one very fire resistant person going melee on him and spread the rest out. Your mages should fire all they got (Magic Missiles and the like) and the rest should fire arrows or sling-bullets.
I have just got upto him again in my latest game (3 days and completed all bar sarevok and TotsC bitz )
He uses dimension door after a while, so u have to kill him before he does this.
His AC must be massive, as even Coran and his bow skills cant hit him much. Magic and Magic and Magic are the way to go i think, as he doesnt have protection against it. Dispell his once he has cast his protections stuff at the start to give yourself a better chance.
Get someone with mirror image or likewise protection next to him so he targets them with the fireball...
Then he shoots a LOT of lightning out, which can be nasty
I have yet to beat him, but im off to have another go now
now tell me wat you think of "drizztkill" strategy on him - backstab by Coran (with Potion of Giant Str & ultraprotected) - run into a building - hide - bstab - run - hide...
your thougths on this... will it work?
PS dont flame for the "drizztkill" - i always kill Drizzt for challenge sake, and reload afterwards, don't keep the items (well, exceptmaybe once, to be honest). Now Shandalar is another matter - thats revenge!!! burry him under his cloak with his wardstone up his... why did i spare his daughters? why indeed? why that gives me an idea! maybe i have revenge another way... yessss... *GRINNING SINISTERLY AND RUBBING HANDS* ... maybe i'll head back to the city now (to bad you can't scalp everybody in BG - and use it as some proof of deed/morale breaker...)