Definitely equipment.
It's sad, but BG2 is much more "equipment-centric" than "character-centric". I posted a rant thread about that (well, that and a lot of other things) not so long ago...
Here's the link, in case you're interested (and awfully bored).
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In memory of Ilan Ramon - the first Israeli astronaut.<br />
<br /><br />[url]\"http://members.chello.nl/~j.vanthull/BG2SR/Home.htm\" target=\"_blank\">BGII Spells Reference</a> - everything you ever wanted to know about spells!