Yes, I agree. When you have a list system and all items appear as names without icons, the problem is having lots of items with the same names (but different properties).
When you have a grid system (and item names for things in the grid only appear with tooltips), the problem is visually distinguishing them. And for sure, while weapons look different from each other (although all axes look like all axes, but at least axes don't look like swords), all rings look like all rings.
I think the other problem with grid/slot systems - for the developers, not the users, though it becomes a user problem - is that you have to be able to often create something visually very small (to fit in a small grid/slot space) to represent a larger object. And as much of a BG2 fan as I was, the tiny icons in the slot used to represent various bigger items required a lot of squinting to see what they actually were.
Plus don't get me going on the bizarre disconnect between the little squiggly spell/ability icons, and the spells they represented.

Some of these make sense. Of course the tiny little snail is the slow spell. Anything with a "red cross" like cross in it is a healing spell (although you may not always be sure which one).
But some of them, honestly, make no fracking sense, and thank the Maker the spell name comes up on a tooltip. (The problem is this doesn't seem to work too consistently on the iPad, where I've been trying, with some frustration, to replay the BG2 Enhanced Edition.)