I'd say one set of armor (one we are wearing) is a limit. I doubt it would be realistic to have more in our inventory, so I always stick with one. But the real problem are weapons, potions and misc. So I would like to hear your opinion about it;
1. Two handed sword, one handed sword and a shield - Is it too much for a Dovahkiin to carry at the same time and be combat efficient?
2. What number or arrows would be realistic to have in your quiver?
3. How many potions?
4. How much food and misc?
5. Horses in Skyrim are slow but hardy, how much do you think they would be able to carry?
6. Switching from weapons to magic - Do I have to drop a sword to use magic (When I say drop, I mean to lose it for current combat by dropping it next to me)?
7. With full gear on (armor, weapons), would I be able to carry, let's say, a quest item heavy as two handed weapon?
I know it depends on a player, but lets say this is for Nord warrior, who's strong and has quite nice amount of stamina (He doesn't use magic, I asked for it in general).
What are your thoughts on this, where and how should I limit myself?