About the UI, can't agree more. It can be a bit more decorative and detailed to objectively look better to most people (albeit a bit more "busy"). I'd be partial to using inspiration from BG1/2 for the style as it could be a nice nod to the old fans (of which I'm one) but it's up to Larian with what art direction to go. Beautifying it would be great in any case, to influence the character/feel of the game.
The arrow trajectories - it would be cool if the characters could "aim" up and down, so it wouldn't happen, but I assume it would involve tons of extra animations. Unless the animators rig some automatic system for it (please :)).
I see the party based initiative as okish. Simplifies the AI, helps the multiplayer, helps do combos, makes combat easier (not a good thing in my book). I like individual one better, but this one is understandable.
I noticed choppy animations, too. Maybe while connecting one mocapped scene with another? This could be improved.
And I agree with the general sentiment about the loot. People can carry less stuff overall, rarely people need to carry much more than the equipment they use and money. Not everyone needs to carry in their pockets apples and sandwiches. People can hunt and buy food when they are hungry.
