Take Arcanum and you'll see it has everything you wanted in an RPG.
If the company would've done an "equipped" picture for every item in the game:
-Why would you ever want to fight with a pitchfork?
As for horses, I agree, it would be interesting but you'd have to buy as much steeds as you have characters. Which would eventually slow the game.
Cloaks, yes. Since RiftRunner will be in 3d, I would be glad if the game had cloaks of different colours and you could actually see in ingame, not only on a paper-doll.
