Masters of the Wild basically said, "When you become an animal, you become an animal. Everything about that animal, you get. But you're not a person any longer, so you don't use equipment."
3.5 basically says, "Hey, haven't you always wanted to be a furry? Well, now you can be one! Dress up in your favorite critter costume -- sure, you won't get the creature's abilities, but you'll still get to use all your cool human toys!"
I'll leave it to you which version I prefer.
Daniel