I've just got one problem, really:
Items disappear after being used for the last *required* time.
This means that if I wanted to 'give the dog a bone', for example, but had already gotten the arrow, I could not--because since I got the arrow, I don't have the torch, and that means I can't get the bone.
Additionally, the game autosaves, which means it just saved a game in which I can't do what I had in mind. Incidentally, this caused me to panic after killing the 'beast' (I hadn't been killed by it yet) and hit the menu button to see if I could reset before the game saved. It didn't work, but it DID cost me the medal that I would've gotten for doing so.