Anyone try it?

Edit: Never mind, you were talking about the lock pick perk. Sorry.

I took it with one of my characters and found there was more and better loot from chests for sure. can't remember if it applied to enemy items as well. if you like collecting lots of items from dungeons it's a good perk to have, but it does cost a fair number of perks to get to it. if you're already up the lockpick tree then i'd say it's a good one to take.

The Treasure Hunter perk is the furthest left middle row perk in Lockpicking. It probably increases your odds of finding flawless jewels or rarer enchantments and all around better loot, but I've never bothered to test it because Lockpicking's only two really good perks that I know of are the ones that make it so your picks never break (which isn't necessary, I tend to have 500 picks on hand) and the one that makes it so you can pick locks in front of people without a bounty.

^ He's clearly talking about the 70 Lockpicking perk.

I believe it decreases the rarity of high-end loot. So you'd be more likely to find 'Peerless' and similar items.

To answer my own question:
If you open the CK and see what it does, you go from 10% to 15% for special items. I didn't have the patience to see what that included. At a glance it appeared to be only weapons and armor. In any case, it takes 5 perks to get there, four of which I do not need.

To be worth getting, even setting aside the 4 wasted perks, it would need to be a 100% boost (from 10% to 20%) and include all items like soulgems, gems, cash, things you never see like statue of dibella, and so on.