(This information is from ToME, but as far as I know ToME hasn't changed chest mechanics compared to Vanilla) Chests generate content based on their level, which is set when they are generated -- thus, you can open them anytime after you find them and get equivalent rewards. They get bonuses to their level based on their material (so steel chests have better stuff than iron chests than wooden chests). Small chests are also more likely to hold money than anything else.
As for the rate of chest generation itself, as far as I know the only special rules are a) that monsters don't drop chests, and b) chests aren't supposed to contain other chests. However, (b) may be broken right now, and I'm not 100% certain on (a).
As for the rate of chest generation itself, as far as I know the only special rules are a) that monsters don't drop chests, and b) chests aren't supposed to contain other chests. However, (b) may be broken right now, and I'm not 100% certain on (a).
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