We're going to be using a "slotless" inventory system. In practice this means there's over a hundred slots and you don't see them. This allows you to equip many combinations of things, rather than being limited to articles of clothing or armour that cover a fixed part of your character's body.
You will be able to customise many items in terms of appearance and some even in function. While we have no player crafting planned for an initial release of the game we do hope to include the ability for professional NPC craftsmen to adorn or create items to your specification. You may for example get a Tailor to make a garment with your choice of design, fabrics and colours. What you wear can significantly affect how people perceive you and also provide useful disguises.
We still don't have anything like a list of consumable items that will be featured in the game but we don't want these to be a fundamental gameplay component. There will certainly be no healing potions or spell scrolls, this is fundamentally a low fantasy, realistic world. Some draughts may slightly quicken your natural recovery from injuries and some items may produce effects which deplete them.