Guys. The Last Of Us' inventory system is quite simply brilliant.
The way it doesn't pause alone makes it great. When you add in that you need materials to make stuff, it gets even better.
For example, on the playthrough we saw. Joel made that Molotov. He had the option between making a new weapon, or making a bandage. The game will promote exploration. It will promote both stealthily going through levels, to avoid using materials/ammo and running in to kill 'em all, to get supplies you really need.
I can't wait.