One time, I used the NPC tables in the DMG for the Core Classes (Fighter, Wizard, etc.) to see how my character stacked up equipment wise with a NPC of similar level.
In some ways, my character outstripped the NPC, but in otherways, my character was slightly inferior.
However, this test was not perfect since my character is multi-classed and the sample NPCs presented in the DMG are single class. The closest core class my character would fit is the ranger.
I guess the point of this was to say that, for my campaign at least, player characters tend to be a little bit better equipped than the NPC of the equivalent level (hence my curiousity to see how my character stacked up to another NPC of the same level)