The pickpocket skill remains very useful, even with this limit, but now you have to really think about what you're gonna steal, and be more strategic.
For instance: Buy an item(s) you want from a merchant, it doesn't matter how expensive it is, as long as you can afford it with gold.
Then have all your items repaired and identified.
Then, steal back all the gold.
Tadam! It only counts as one steal. And you got all your money back.