I'm sorely tempted to allow players to have two different types of armor (eg., Armor: Shield and Armor: Gauntlet).
But I'm worried that it would make the game too easy...
I'm a new player (4 completed games) but have been thinking about this as well. My first couple games, I allowed one of each type of armor piece. I think this would probably be OK if you're using the standard market rules. However, I was using a market variant (www.boardgamegeek.com/article/3074773) and having the option to look at 3 armor cards I think makes this out of balance. By the end of that game, I had at least 4 armor pieces which is probably way more than you could accumulate during a normal game given the lack of armor cards compared to other market cards. So, my last couple games I've been playing with the standard item limits and I think I like it better. Sure, you can't have all the cool items you want, but it really makes you think about the choices you make. That said, I'm also thinking about allowing two pieces of armor. Along these same lines, I was thinking about allowing 3 weapons, one of each type: ranged, magic and melee, but whether this helps or hurts would be based on the character being played. Have to think about this a while more.
I was also going to post about the artifact limits. In my current game, I have 2 cloaks and while I would certainly like to use both, it just doesn't feel quite right. I'm probably going to do what another poster said and restrict it to one artifact of each type but will probably look closer at the various types of artifacts to see if this would "make sense" in all cases.
My goal is to not feel so restricted in what I can and can't use, but I also don't want to make the game too easy, so it's a fine balancing act, I think.