I disagree. If I give a smith a hammer, the metal and tell him to make me a sword in the middle of the woods he won't be very successful.
IMO it's a good call because you have to think and plan out what you do; this is not pro-realism argument, mind you, it's about requiring the players to plan out their journeys. It's better to not be able to just craft arrows for example (this is a made up example, we don't know if we can craft arrows yet), you have to think how many you take with you. Same goes with alchemy. You can't just create health potions in a dungeon, you'll have to use the ones you have wisely.
Yeah, but what if we decide to create a home in a dungeon?
Sure it never really worked in Oblivion with the dungeons reseting, but it was fun.
I like that I don't have to be carrying the equipment to use it, but what if I want to move the equipment elsewhere?