Well, Flash, partyle we're talking in extremes, ( burn all white cats! Err..what?), because the compromise system of weight-management manages to have the sucky bits of inventory control, ( ugh, Ihave to drop stuff to pick this up? ALREADY?!) along with the sucky bits of RPG-From-Buttocks silliness.
Yes, Dragon, that means we agree on something. I know. I'm scared too. Just back away slowly and don't make eye contact and Never.Speak.Of.This.Again.
"Game play value" is a term so relative as to be nearly meaningless, though. Every person has a set of things they enjoy. Some of them are similar, some wildly different. I have no idea how people play LoL without jumping through the nearest plate glass window. I've tried, but the whole setting has exactly zero gameplay value for me. Even the game-strictures employed, solid though they may be, are just myeh for me.
The value for me of limiting the items, specifically weapons and significant gear, to what is on your person or in your duffle bag, is that it deepens my immersion while giving me an element of tactical consideration. Two things I like.
The trick is that tactical consideration rapidly becomes exasperation if I can't put shiny things in my backpack for later chortling.
What? I'm a combat-enhanced magpie, screw you kids!