The excellent items are special types of items. Every normal Item has an excellent version you can obtain. Usually they have a really low drop rate so another way to get them is by going on golden invasions and killing a golden monster. It will drop a Box of Kundun which usually drops a random excellent item. The excellent item is slightly better than the normal one and also provides several very good excellent options:
Excellent Options of Armors, Helms, Pants, Gloves, Boots, Shields and Rings
Damage Decrease 4% Decreases the damage you take from enemy attacks by 4%
Defense Succes Rate 10% Increases your defense rate by 10% making you harder to hit
Increase HP 4% Increases your health points by 4% making you harder to kill
Increase MP 4% Increases your mana points by 4%
Increase Zen After Hunt 40% Increases the amount of zen dropped by monsters by 40%
Reflect Damage 5% Reflects 5% damage back to your attacker.
Excellent Options of Weapons and Pendants
Excellent Damage Rate + 10% Increases your chance of striking a stronger hit for more damage
Increase Damage + 2% Increases your damage by 2%
Increase Speed + 7 Increases your speed with 7 points
Increase Damage + level/20 Increases your damage with your current level divided by 20
Increase life after monster + life/8 Heals you with your HP/8 points after each kill
Increase mana after monster + mana/8 Replenishes your mana with your MP/8 points after each kill