@killmoms - Thanks! As for the Dragon Symbol, it's completely nonfunctional and merely for aesthetic, but to better answer your question — it goes back to my day job, web design. So really I just felt like the Dragon Symbol or Skyrim Logo helped tie back to the branding of the game. Sure, people are never going to forget they're playing Skyrim just like no one forgets when they're on Facebook. The branding is always there though and from a design decision I felt like it helped ground or focus the user into the navigation with some ease making the initial navigation less "floaty".
@Eyonik - Heh, I wish, I'd take some PTO to do some work for Bethesda.
@WikedX - Thanks for the kind words. I wouldn't say it's really a better layout it's just a different take on the design/interaction of Skyrim. I honestly really like Skyrim's UI aside from some of the obvious problems like mouse targets.
@Langy & Scorpius - This was my initial thought too, but then I was thinking it'd be great to either have small icons to denote things like enchants (fire, frost, spark, life drain, etc) and using the 3D model as the icon. Maybe a border to show uniqueness aka MMO style rarity.
For some of the people going back and forth about list vs grid vs whatever. I really like UI's that give the user control over how you want to view it, so in my mockups you could potentially have a list view with the 'paperdoll' or icons with the large 3D model of the item, it'd be up to you. If you look at something like iTunes or even OSX's Finder windows. They do a great job of letting you decide how best for you to digest the information. I'd like to think that with a few more iterations I could achieve the same simplicity in this design. Maybe even a Coverflow style (I kid!). Full disclosure, I'm a list guy myself.

The simple truth is that none of us will know the weight that rested on some poor dude/dudette's shoulder when designing the UI for all platforms, resolutions, HD/SD, Keyboard and Mouse vs Controller etc, the looming deadline of 11/11/11 and knowing that millions of people are going to scrutinize every detail. With that I think they did a pretty decent job — this is simply an exercise for me, bonus points if it ever gets made into a mod.

**Edit**
A lot of people are mentioning the bars, I agree. I actually just pulled these over from another project I was working on to minimize the time I was spending on this.