The theory about the materia on hand thing reminds me of the Esper system from FF6. How you equipped the esper and then learned the spells after so many magic points earned from battles. It would make some sense if they'd done that though if it was in the game it would have been better lol. >.>

I don't know what all they're carrying but DAMN those boys got balls... lots and lots of shiny balls... ^_^