As Lienn said, it kind of makes sense that they expanded the inventory slots from 80 to 100 instead of creating a tab for equipment, although it doesn't help much when half of our inventory is filled with equipment and repair materials.
What doesn't make sense at all is that the equipped gear are still in the inventory. Why would they be in the inventory when the characters are wearing them? They should at least take out the equipped gear from the inventory if they're not going to make an equipment tab.

The problem with this would be that people won't be able to switch classes once their inventory is full, but that's where the "equip-able item tab" comes in. I wouldn't mind going back to 80 slots if there's a separate equipment tab.