I kinda disagree about exploitability of giving everything.
1) Your companion may panic and run away with all your stuff.
2) Your companion may die mid-combat leaving all your precious stuff on the floor for everyone to pick up/destroy using breath attacks etc.
3) Your companion will definitely die in any halfway dangerous location unless it's pretty powerful, which will make it kinda problematic to kill it for the stuff later.
4) Simply going around with a companion, having dumped all your stuff on it and then killing it is not everyone's usual play style. I personally don't mind doing that, though :D
5) Finally, just what equipment are you going to give to your companion which cannot be simply stashed somewhere?
Please, provide a realistic scenario where you efficiently and reliably exploit a companion to carry valuable stuff and I'll try to incorporate necessary modifications to the RFE if I'm missing something.