This is true. I think it would be nice to be able to do such a thing, since there isn't much variety in the weapons and armour anyway (iron, steel, glass etc) and you have the whole game to collect them. I believe you should have a personalised armour from the start, and having to swap with better stuff as the game progresses (think swapping fur boots for iron boots)Hey, it's my wish list, so I can wish for whatever I like, right? I understand why you or other people wouldn't like that, but I think it would be interesting to have to figure that sort of problem out...
In terms of your views on weapons, it could go two ways. One way is to have limited weapons that are all around, so you don't feel the need to get rid of stuff you have (such as in halo, where you'll find the weapon you want within 5 minutes anyway)
the alternative is hundreds of sorts of weapons, such as in Borderlands, where you pick different ones up every two minutes, thus not needing to keep weapons.