Loot includes a Bozar, a Glock 86 plasma pistol, and the Combat Armor Mark II. Strangely, the electronic lock pick MK II doesn't work for this. Be wary of the security robot that resides here, who will attack with rocket launchers as soon as you go down the elevator to the 3rd level.
Some excellent equipment can be found here provided that you have a set of electronic lock picks and high repair skills, which you probably won't have when you first arrive here to rescue Smiley. It is important to take note that if you take enough unprotected steps in the sludge, your character may grow two extra toes a month later. Wearing power armor will also negate the sludge effects. At higher levels (significantly above the levels which the quest was designed for), boots may be completely unnecessary, as you and your party will have enough resistance to shrug off the damage, or take none at all. Boots can be found on the first level on the caves, and in Trapper Town.
Party members will also require boots in their inventory. Every step in the green sludge inflicts damage, unless rubber boots are in your inventory.