I've used them successfully in my campaigns. But what I do is:
I made up sheets for most pieces of equipment available in a DTP package and printed off 1 sheet per item. So if a PC had 2 revolvers I'd hand them 2 revolver sheets. Each PC had a folder. Sheets in the folder represented equipment owned, out of the folder and with the character sheet represented equipment carried. If that PC hands one of their revolvers to another PC they hand over the sheet. No arguments over who has what, what was left behind, how encumbered a character is, etc.
UPDATE: Huh? Just realised I've replied to a post made over 3 years ago. This is an old thread.
o: