I'd love to see this concept given a bit of official backing, I already do this on a large scale in my game. Practically the only thing my players need character sheets for are their defenses and HP, they have colour-coded 3x5 cards for all their weapons, items, feats (that do more than just add a numerical bonus), spells, and skill uses.
If a player wants to throw an alchemists fire, we don't have to worry about looking up the rules for grenade-like weapons, as they are written right on the card, and they don't have to worry about keeping track of the item in their inventory, as they just hand me the card when they use it.
When spellcasters prepare spells for the day, they draw the spell cards from their "deck" refer to them for the effects when casting, and discard them when the have exhausted the spell.
Acrobatic characters have shorthand lists of the DCs for tumble and balance checks, and the fighter has a card with rules for grappling.
I've found that if anything, this makes combat run smoother and makes it far more interesting. Rather than resorting to simply full-attacking as a default action each turn, anything offered on a card becomes an easy option, making combat far more dynamic than it was before I started using the cards. As Maggan said, having the option of more easily understood rules uses doesn't make them the only options anymore than making a standard attack is the only option normally, it just opens up more room for thought and cinematics.
