I think I would prefer an inventory system similar to that of NWN
[img]
https://tse3.mm.bing.net/th?id=OIP.8m5rlwOTVxRusTzWk9xyNgHaFj&pid=Api[/img]
because of two reasons:
1) It's more realistic to have a limitation on space even before a limitation on weight. To see my halfling trow a chest bigger than him from his pocket is really nonsensical.
2) It also has a lovely limitation on weight, same reasons as before. Going around with 11 sets of armour is just silly.