They are mutually exclusive right now.  Frogboy has mentioned that shields will have a block chance, so that equipping shield versus bracer is not going to be as simple a decision as it is right now (where both give the same defense rating).

Both take the same slot (at least that is how i think it's programmed), when shields get a block chance they will be better balanced as well. Right now the shield costs more but gives the same stats.

Yes, it should be physically possible but the shield would render half of the wrist protection obsolete. (In most cases anyway.) Maybe if you do equip both, the wrist only gives half defence?

Yea not being able to equip a bracer when you have a shield seems silly. I can understand where the devs are coming from, however its small things like this that by themselves are no biggie but if you start seeing alot of them they can take away from the experience. From a gamer standpoint if something defies common logic you need some kind of explanation, otherwise it leaves people saying "wow that sucks".

Two handed swords aren't two handed either.  You can equip a claymore and a shield.

instead of stupid shields and wrist protection GIVE US GIANT WOW PAULDRONS

Equipping both a twohanded weapon and a shield is common practice in real warfare. Every spearsman has a shield and several halberdiers and two-handed swordsmen had shields either on their backs or attached to the wrists. Archers are way too common to neglect a shield in real life. But according to standard rpg guidelines, a shield and a twohanded weapon do not work together. I prefer the real life version to the standard rpg version.

Before battle you carry everything you will wear into battle + a tent, some food, etc.(Nobles had packhorses, and in some campaigns soldiers too, but htis was not majority) In battle you carry much less than in prebattle. Weight in battle is rarely a concern.

Halberdiers didn't use many shields because guns had become common when halberdiers became common. Shields can stop crude guns, but aren't reliable enough to manufacture.

A small shield attached to the wrist while you are wielding a two-hander barely hinders your attacks in at all, the only downpart is that it throws your swing off-balance, but the same can be said of heavy shoulderpads, and no-one says heavy shoulderpads shouldn't be equipped with a two-hander. The shoulderpads are mostly aesthetic, and I thin they are ok even though they are illogical. But why do people dislike 2h weapons and shields?

lol... maybe not.

But what is the orcs intelligence score then?

From two hundred meters away with a good bow in my hand that I know you can't block since you forgot your shield.

Up close, maybe not.

I think the point here is that you shouldn't be able to utilize the sheild at the same time you are attacking with a two-handed weapon, including bows; while wearing wrist guards, a sheild, and a one-handed weapon should be entirely plausable. Mind you this might be justifiable with a buckler, but currently they aren't in. There is also a bit of an issue with balance in the cost of the metal sheild (1 extra metal for 2 extra armor isn't in line with the other increases), not to mention the store price is the same for each of them. The iron ammounts for weapons aren't very sensible either (20 iron for a bastard sword, but 4 iron for heavy plate), but I guess that's something else..