That's a bummer if you can't change their equipment, but the benefit of cutting that out is that you also remove a lot of the worthless stuff you found in DA:O and most other RPG's. Even though I enjoy pouring over stats there were plenty of times in DA:O that I questioned whether a rogue is really even necessary - 99.9% of the chests in DA:O have NOTHING worthwhile. Yes, you can sell stuff and that's great, but there has to be a better way than walking around picking up Leather Helm's all day long...etc.
But yeah, it is awesome when you slay a tough opponent only to find his armor is lootable and you can deck out your tank in it.
Speaking of which, do your companions armor just auto-level along with yours? If there is armor for Hawke then I presume the pieces get progressively better, how would your companions armor keep up unless they auto-leveled it? Makes me wonder what other items will auto-level (if any)... doesn't that pre-order "Fadeshear Blade" level up along with you? Hmmm...