I imagine there will be a little bit of a progression system; ie you will have most of your abilities and weapons at the beginning and you get only a few more throughout the game.
Maybe you start off with all of your abilities and a standard sword and crossbow and find better weapons/weapon upgrades throughout the game.
I can understand the want to have everything at the beginning, but I think it's always fun to find something new and have some "look at my new toy! *evil laughter*" time with it.