This is how the hotkeys for the XBox version should have been availed:

up D-button: same as now (brings up favorites menu)
left-up, left, left-down D buttons: 3 left hand hotkeys
right-up, right, right-down D buttons: 3 right hand hotkeys
down D-button: non-hand item (e.g., potion) hotkey.

PLEASE patch! The current hotkey options are the one real blemish to an incredible game!

I don't know man, I like it. But I was never a fan of hotkeys in the first place.

It ok how it is. though I hope they patch it for your sake.