Functionally, we're using Icewind Dale II as our starting point. We've been looking at inventory recently. Tim and I have designed a system that uses three types of gear storage: equipment, top of pack (this name may change!), and stash. Equipment is what your characters are currently using and have ready to use. This includes weapon sets that you can swap between during combat. "Top of pack" is a finite amount of gear that you can access outside of combat for a variety of purposes: replenishing consumables, checking out a shiny new sword you picked up a while back, etc. The top of pack cannot be accessed during combat, but is present as a strategic pool of items that you can access while exploring. The stash is where all of the "other stuff" goes: things you aren't using, items you want to sell, and various doo-dads you'll be looking at later.
When you find gear, you have the option of placing it wherever you'd like as long as there's room for it. You can use it immediately, put it in your top of pack, or just chuck it in the stash. Once an object is in the stash, you can access it at camps, your home, and similar locations. We've created this division of inventory space to add strategy to your gear loadout decisions instead of having a weight limit, while also allowing flexibility for backup equipment. Most importantly, it doesn't prevent you from doing what adventurers love to do most: loot everything they find that isn't bolted down.