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There are two real questions here:
1) Is it practical to carry gear for a bunch of different professions around with you at all times?
2) If the answer to the first part is "no", is there ample storage so that you can have good gear for all of your professions, but just not carry the gear for all of your professions with you all of the time?
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To supplement this, the armory chest is a system whereby you are give an extra 25 slots for each type of equipable item in the game. These are not a part of your 100 inventory slots, and only armor pertaining to that type is allowed in each section.
With roughly eight classes, this means you can store three entire sets pertaining to each class without taking up any inventory space. You also are able to store items in your retainers (able to hire multiple retainers) that have about 175 storage slots. In addition your inn will also have storage, and your house will also likely have storage whenever you buy it.
To put it bluntly, this game has the most storage and inventory slots available of any game I've ever played. It even exceeds Ultima Online which just had a bag you could put more and more into until you hit a weight limit.
Yes it truly is a great system. The Armoury system works similar to how it was in FFXI, however you can change at any time - but there you had extremely limited storage capacity and it became really frustrating with multiple jobs.
The Armoury Chest allows you to store 25 items of each equippable piece of Armour - 25 Hand Items, 25 leg items etc
I really love how you can also easily save Complete sets allowing you to change class/job or just gear in an instant.
The only thing which is slightly annoying is that there's no sorting options in the Armoury Chest or Inventory yet - hope it's on the todo list!
Whether there are storage problems depends both on how much storage you get and also on how much storage you need. Only having 500 storage slots for a character would be a big problem in A Tale in the Desert, for example, even though that much storage would be effectively infinite in a lot of games.
How many items for each slot of gear does a single class really need? Is there no real point in having more than one item in a given slot for a given class? Or will you usually want to switch between several, even for a single class? Will you commonly use a single piece of gear on several different classes? (My understanding is that this is impossible for weapons, but I don't know about other gear slots.) Does it make a difference in this regard if the class in question is combat, crafting, or gathering?
I really don't see any point in a class having more than one optimal set. Though once you get an advanced job, you might have two different sets for the class and the job. This is because the Job is an advanced team version of that class and has a designated party role. Therefore a Paladin will likely focus on more defense, whereas the Gladiator more offense when soloing.
After leveling from 1-20 on quests, barely 35 slots will be filled in your bag if you didn't sell anything. Therefore you should have ample inventory given that you still have ample room in your bags, the Inn storage, retainer storage and your house in the future. Not to mention that you will have eight characters per server with a standard payment model.
Yoshi-P probably wouldn't be adverse to increasing storage if it becomes a problem. He's been known to do stuff like that, and the Armory chest is in fact in the game due to player feedback when it came to inventory space.