List is too hard to find what you need even with sorting and such, bags are nice, easy to manage, and you have nice big icons for each item so once you learn the icons you will know what is what just by glancing at it quickly.
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I find having four bags instead of one big bag is easier to manage items, as you can dedicate one bag lets say bag 4 for crafting mats, your third bag for extra gear, your first bag for just plain junk drops and so on.
Didn't they say that you will be able to have multiple windows up at the same time? What's stopping you then from just opening all your bags at once?
Ugh, imagine trying to identify skins/wood/cloth/metal/etc by colour alone...
There's only so many colours they can really use and a lot of them will be similar. A silver/grey coloured ingot or an off-white spindle of thread, what could they be? As a big crafter, I'd spend more time mousing over the things to figure out what they are than actually using them.
I don't know if the list is the best solution but icons with no words at all is definitely not... Even if they had small font item names under each icon or something, that would be a great help in identifying what's what!