Mortal Online was made by several of the guys that produced Ultima Online. The similarities are intentional.
I kind of hate inventory management. I'm happiest when I have to fiddle with it the least. At a minimum, I'd rather not have to think very hard about how often I return to drop off loot at basecamp.
Paper Mario: Sticker Star had a kind of fun inventory thing where you collected stickers in a book. When you wanted to use a sticker, often you had to manually use the control stick to stick down the edges, which was a bit fun. There was also a museum where you collected all the stickers and stuck them on the walls in the correct rooms to get the full set. The stickers ran the entire combat system, since it was only possible to attack by using stickers and it was possible for a poor player to be inefficient and run out of stickers or have useless ones for the monster they're fighting.
That was actually fun for me because collecting the stickers was the entire game, and the strategy revolved around making use of stickers so they didn't clutter up your sticker book, but you had enough to fight off the monsters you'd meet. I'd love to see more inventory based combat systems like that, since Sticker Star fell apart near the end when it was easy to stock up on elemental stickers to end battles in a single turn.
Sometimes you had to use generic stickers from your inventory for various reasons, like one level where you were lost in the woods and you could stick stickers on the signposts to remember your way. The signs would accept any sticker, so it was up to you to decide what to stick there to remember the correct path.
http://jayisgames.com/archives/2011/05/help_the_hero.phpHelp the Hero was a whole game about managing a hero's inventory to try and keep him outfitted for every fight while under pressure of time to figure out how to make it fit, or what to discard. I like the idea of making the inventory aspect front and center rather than an overlapping mechanic to deal with while exploring.