I liked to setup highlight triggers to light up key words in descriptions. The observation system encourages you to look at things you don't normally look at to learn more about them, and possibly reveal clues about hidden containers, elusive lore, or non-obvious exits. When I pass through a room and see an item was highlighted by my trigger, I'll take a glance at it if I haven't already done so on a character.
As a result, it was pretty easy for me to get 30k+ observation experience before level 30 in most chars. Admittedly my method was only tested under the old system, I have no idea how successful it would be now, nor do I have the desire to roll up a noob.
For the benefit of the CF community, I will share my list of things to highlight and examine to have the best chances of revealing hidden stuff and possibly granting you with observation exp.
Armoire, lever, cupboard, telescope, parchment, poster, sign, plaque, funnel, rubble, nest, lump, heap, stump, corner, pot, cocoon, crypt, cauldron, obelisk, coffin, pile, crevice, clock, tube, pillar, note, tome, tomb, thicket, key, mirror, chart, map, book, portal, runes, mechanism, floorboard, throne, painting, tablet, sarcophagus, basket, pot, urn, statue, flower, bush, stove, oven, hole, menhir, pit, altar, diary, journal, tapestry, trapdoor, panel, pallet, podium, wardrobe, closet, locker, chest, compartment, crate, bookcase, letter, papers, fountain, cabinet, bucket, corpse, pedestal, rack, shelves, shelf, drawer, desk, table, window, compartment, secret, refuse, opening, hidden, fissure, debris, conceal, fireplace, inscription, cubby, box, bas-relief, placard.
In addition to looking at these items, it helps to look in all (i.e. LOOK ALL) directions (rather than just type in exits), as that can also show one of the above keywords which can be further examined.
It's also worth mentioning that any mobs that are unique (as opposed to something like a guard or a beggar) is worth looking at, especially on any of the newerish areas.