» Sat May 28, 2011 2:23 am
Yes and yes.
I'm playing an action-rpg game for the PSP called Warriors of the Lost Empire. While you do have a backpack to hold useful items, you can only use items that have been equipped to your "belt" which is a list of about 5 or 6 items that you can quick-select during battle to use instantaneously. Items do stack. Additionally, you can have only up to two different sets of weapons, and change between them during battle. I should note that the mechanics aren't quite able to be transferred to a TES setting, because weapons/shields that you pick up from enemies are automatically stored in you item box, which is only accessible outside of the dungeons. You can't equip new weapons while in the dungeon.
Another game to mention would be Hellgate: London, where you could have up to three weapon "sets" that you can swap to during battle without breaking stride. Pretty fun.
EDIT:
Oh, right, why did I vote "yes." If implemented well, I don't think having a belt with items is really that much of a hassle (as long as like items can stack!). For WotLE, it works well - and that's a combat game where item use is integral to survival. As you pick up items, you can swap items from your backpack and your belt to prepare for conflicts. Consider: the game doesn't let you pause while you look in your inventory. Hence, the necessity of having a few items that can be utilized without needing to go into the inventory.
As long as there's some way that I don't miss out on enemy loot drops, of course...