Wonder how many people enjoyed the inventory management in old days. Even when we play PnP games, we tend to close our eyes on encumbrance systems as long as players don't insist on carrying outrageously heavy things or too many weapons/sets of armor. Only exceptions are games which have interesting gameplays related with encumbrance: For example, heavy armor wear off the characters more quickly than characters wearing light armor and even in such cases, we ignore the weight of "backpacks". Seriously, even as a game master, I don't think there is a legitimate reason for me to force the players to keep tracking on their encumbrance, making them waste their time. So, no to inventory management.
Alternatively, it's O.K. by me, to have some encumbrance related restrictions in a limited way, if the designers have interesting gameplay gimmick which reflects bulkiness/weights. For example, characters wearing heavy armor may have fewer APs for their movements and/or other actions. In any case, if the designers are going for simulation factors, I'd like them to have meanings in gameplays rather than chaining the players to blind "realism." Just my two cents.
