Pick the greenish one against fire dragons, the one with a yellow star against undead, the silver one with a red glow when you want to haggle, and the dark one with a blue stone for every other occasion.
Sorry, that's just wrong.
Why would the icons all be identical? That defeats the purpose of them being icons in the first place. They need to be different in shape, colour and contrast at least, as well as being easy to see against their background.
Text is not the best way to find something. If you know the name, a search box is the best option, no matter how the items are displayed. If you don't know the name, tags + filters + icons are (you don't remember the name, but you can guess the function from the form, and might remember the look somewhat).
You literally cannot make enough icons that are discernible enough to symbolise the myriad effects that an amulet could have, and thats assuming the amulet only has ONE effect. Bedwyr hit the nail on the head, this is a massive and unnecessary workload, and as I said it doesnt even work well to quickly identify items, Morrowind's inventory system was a horrible mess to find the items I wanted.
I agree with these points that have been raised. A good UI should be
-sortable
-searchable
-better categorised
-informative at a glance
-efficient (minimal "clicks" to get to any given section of the UI)
Icons achieve none of those things whilst adding
- massive workload
- probable confusion (how do i know pink is good against dragons? are you going to bundle a manual?)
- compatability issues with mods that add items
to the OP I know I sound really negative, sorry. I really like those mock-up interfaces they look very nice, I just disagree with the usability of icons. I found your other version with short text descriptions and vital stats in the list far better.
The inventory definitely needs some mechanical features added, such as the sorting and searching which is in the mockups perhaps even further categorisation.
Though I think equipped items should appear completely separated from the other list, rather than at the top of it(on the right of the item render / character render?) clicking (or moving the selection to the right with keys / stick would move the pointer to that list, where you can click to de-equip an item. This would mean moving to your currently equipped items is one key press away from any item in the list, and not X key presses. Where x is how many items you are down the list.