I disagree, getting loot is one of the main things to do in these kinds of games, more customization the better. I much prefer the 17 slots of MW over the 10 of OB. In fact I would like even more, an accessory slot and 2 earnings slots. But I will be happy if its the same as OB, which still has a decent number. And with mods I got 3 more(robes over armor, shirt/pants underneath).
Number of slots was reduced mostly of technical reasons. Problem was that overlapping armor required that the armor piece covered the entire arm or torso, no skin was possible, this way you could dress in a shirt and a left pauldron.
One way to solve it would be left arm, right arm, upper body slots, shirts take up all three same way dresses and robes in Oblivion takes up upper and lower body. this way you can have left and right pauldron and cuirass. The long skirts used in Oblivion could easy had pants or greaves under them, just make them invisible, short skirts and kilt could be on top of pants but this could easy clip terrible with the skirt of cuirasses as they had to be wide enough to avoid clipping with greaves.
Now for the interesting part:
We will get beards, they will be need a body slots like hair and tail, hair can be replaced with hoods and helmets, the tail slot is used in many mods for everything from cloaks to earrings.
I estimate that moders can use beards the same way. Next we have scars, tattoos and war paint; we has no idea how many layers we get and if we get them on different body parts but it sounds interesting.