dtgreene: Personally, I find the item list in Wizardry 8 to be more interesting than that of a typical Might and Magic game, mainly because each item is hand-crafted in terms of its stats. Basically, there is a higher proportion of useful items, while the useless junk is easy to classify as useless. Also, inventory space is not a concern here (though equipment weight can be sometimes).
Sarisio: When I got upset that my 50/50/.../50 Wiz8 characters had nearly same damage output as level 1, and I couldn't find good upgrades for them in-game, I decided to use editor to give them some better gear and I found nothing worth noting at all. However, each time I am finding chest in any MM game, I always feel excited, because even gold is far more useful than what I remember in Wiz8.
There are plenty of uses for items in Wizardry 8, *especially* if you have a Bishop, as nearly every spell of 5th level or lower is available in a buyable spellbook. In addition, there are other very nice items for sale:
Crook (in the swamp) sells:
Stiletto (Dagger, usable in the offhand, with 10% Kill)
Amulet of Healing (+3 AC, +1 HP regen, 5 charges of Heal All (power 6) which is useful before you learn the spell, and can be sold to Lord Braffit for a recharge)
Amulet of Life (4 charges of Resurrection and is cheaper than buying Resurrection Powder, but requires 35 Artifacts)
Thieves' Buckler and Ankh of Speed both boost Speed +10 points each
Sadok (in Marten's Bluff) sells:
Stun Rod (Polearm with 9-23 damage, 20% paralyze, +10 Polearms)
Bela sells some nice Ankhs and a +20 Strength accessory for at least one of the two stamina casters
Then there is Ferro, who sells lots of high end equipment such as Infinity Helms, Robes of Rejuvenation, and The Mauler (IIRC, and this also has a good KO chance and 2% Kill), along with 5th level spells and powerful ammo with high Paralyze chances. (There is, of course, the small matter of getting enough gold to buy everything you want from him, as well as reaching him in the first place.)
So yes, Wizardry 8 has plenty of stuff to spend your money on.
(This is just the buyable items; there are some excellent non-buyable items like the Staff of Doom (Death Cloud) and the Diamond Eyes (powerful off-hand mace with high Paralyze chance).)