With a HP cap of 1000, this allows you to survive most situations.
The inventory screen has been revamped heavily from when it was known as "The Long Goodbye".
The current (and maybe) final version of the equip page. Enough information on this page in the Equip Details and the description on the bottom to know what you're equipping and how effective it will be without consulting a walkthrough. (Finding all the accessories and rare items, however, might be a different story, but it might include a bit of crafting/trading.)
Inventory: Inventory and Equip is handled Disgaea style - the first slot is a weapon and the rest accessories. All your items are shown in the inventory because you only have a finite space to put everything.
Crafting: The shops in major towns usually sell pretty standard stuff, however some trading posts out there are run by people who are specialists in their own right, and will be happy to produce unique accessories, weapon upgrades, or consumables for you - given the materials and the right price. So it's more like trading.