Selecting items did seem very annoying in the demos I've seen. Hopefully they'll get around it... Or maybe it goes a lot faster with some practice (the 'you remember in which pocket you left the item' thing).
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It may have other powers than just making you vanish when you wish to... The One Ring
New interview.
The most interesting part (to me anyhow) is the end when he talks about how he wants to blur the line between overworld/dungeon and gives some examples.