I like the armory system, and the physical level (although they should probably do away with the cool down and make it easier to change points, probably by just typing them in).

Other than that, I love that I don't have to carry a completely new set of clothes everytime I switch a job. I have a craft that's at 30 and one that's at 10? They can both use the same gear, even if one won't get all the bonuses. I think as long at the most level-appropriate/class-appropriate gear is the best then it's fine - people who want can invest in gear for each class and others can use gear between different classes that might not necessarily be the best for every one. Personally, I prefer to save my inventory space if I can!