http://forum.square-enix.com/ffxiv/t...=1#post1173638
The reason was both memory and display resolution. Both are shortcomings of the PS3 platform. (PS3 runs the game in 720p.)There are two main reasons why we've made it so items in your inventory are displayed as an icon.
We want to maximize the display without taking up too much of the screen.
For ARR, displaying an icon uses way less memory than displaying a name.
Due to these reasons, we've adopted an icon display method for certain item display windows. We have a text-based method on our task list, but the timing for this is currently undecided.