So to give people a bigger idea of how varied the equipment is, I've went through the guide and looked at a few things.
For weapons, there's 9-20 of each different kind. Swords and daggers are on the high side whereas bows are on the lower side. Weapons can cause different debilitations, but there are only a few of these. It's pretty limited to rusted weapons causing poison and gold weapons causing silence after you upgrade them a few times. Weapons can have built in elemental properties, and these kind of weapons also add to your magick stat even if that weapon type normally wouldn't. For instance, daggers only give +strength, but an elemental dagger will give +strength and +magick. Sounds good for vocations like Mystic Knight and Magick Archer.
There's a lot of armor. I'd say around 70-90 types of each armor sounds about right. Less so with jewelery and capes (though there's still like 50 capes or so). Armor gives defense, but also elemental and debilitation resistance (or weakness). It looks like it's mostly by a case by case basis as to what each vocation can equip, though there do seem to be some patterns. Certain pieces of armor give small benefits to vitality, stamina, strength and magick as well. When you upgrade armor it increases its defense and resistances, but also lessens weaknesses as well as decreases its weight.
So it's not a massive loot fest like Diablo or Skyrim. Instead it looks like you'll be upgrading less often but seeing bigger changes in the stats of your equipment, more so with weapons than armor.