I went totally card-happy for a military game a while back (scroll down to the last few pages on any of
these PCs), printing gear and weapons out on cardstock and cutting to notecard size -- each soldier then had, frex, a card for his longarm, sidearm, grenades, magazines, whatever. (Oh --
here's some I did for a low-tech game as well).
Out of 18 players total (three groups of 6), I'd say 2-3 actually used them, spread them out in front of them and just checked things off as they got used, and had all their relevant crunchy bits easily accessible. The rest just kind of glanced and used their character sheets. The ones who used them seemed to
really appreciate 'em -- there was no middle ground.
I'll certainly do it again for future games, but the "work to utility" ratio was a bit off. (Though, prepping that game is what finally got me to buy my own paper cutter, which has been a godsend).