Oh there is way too much loot. Though, I think it could be sorted by doing something with the inventory system. I don't think there needs to be two separate views for the expanded inventory and character inventories, rather keep the character doll and inventory pane and use tabs to keep item categories separate.
Maybe less inventory slots but more balanced loot? I feel sometimes like my character is carrying far more than is reasonable even before hitting encumbrance. (Four or five oil barrels? x))
I don't know what other players are like, but I pick up almost everything, and then when I look at my inventory it's a chore to mouse over everything and then a completely separate menu just to see what something does.
Junk/Non-Quests Misc Items should be kept separate and we need a 'sell all junk button'. So if players do choose to pick up everything for some extra cash it's not such a pain. There is a small yet noticeable delay between picking up an item and moving it to another slot or vendor slot.
Does anyone know if the UI scale can be increased without reducing the resolution? My eyesight is okay, but at the highest resolution the icons for items/spells etc. are -just- a bit too small that it becomes uncomfortable to look at, I'm sure other people will have the same issue. It's especially a problem when you need to go searching for something in your bags.
Also, alt-clicking can be a curse, it's good to highlight stuff you can't see but, often times I want to highlight a box or a chest that for whatever reason is obscured and end up picking up the object instead of opening it.
To be honest, I wouldn't mind at all if -less- objects were pick-upable. Maybe it's just me, but a big treasure chest somehow feels -less- valuable if you are able to grab the whole thing and run off. I do also realize this comes from years of playing CRPGs and not being able to do that that it seems weird that I can.