I could survive a backpack limit, SO LONG AS storage space was available.
The backpack limit also better be realistic, not tiny, since players can do anywhere between 10 & 26 hours of jobs at a time, it better be big enough to accommodate whatever gear is needed to do all those 3-7 different jobs at 4 hours per job.
Personally I would prefer that the limit ONLY apply to products OR gear, but NOT both.
Also if we want to be realistic there isn't much difference in carrying power between a donkey & a horse, in some cases the donkey could actually care more.
That would be a wonderful idea make backpack space INVERSE to speed, ie donkey is slowest, but can carry the most, while horse is fastest, yet can carry the least.