I already noted the same thing. Funny thing is, they probably thought they were improving the UI, and actually made it much much worse than the first game.
The actual inventory part only utilizes a small portion of your screen, and it only shows 7 items at a time, instead of a long list of guns. And that freaking description panel is covering up half of my weapon slots. WTF
Really poor use of screen real estate (not even 40% of my screen real estate is being used to convey useful information), and again, why is that thing blocking the first 3 weapon slots.
It's like they went full retard Skyrim with the UI. Luckily, as with Skryim, that's my only real complaint with the game.
Edit: The design isn't unredeemable - the obscuring weapon description panel can be easily fixed. As for the other thing -- add two more inventory columns so that it's 3 by 7 instead of 1 by 7. I wonder if the PS360 inventory looks identical to this. That might explain the problem - using the same UI for console and PC almost never works.