Yep. In a way, Crawl Stone Soup does this as well with things looking different upon use/identification/equipping. Elona has a ton of potential armor slots and the like, so it adds to the depth to have a visual approximation of many, many words to an entity in the game.
Even moreso, if I read it right, this souped up pack is the work of a sole individual...the likes of which I suppose I'll have to endeavor to measure up to in terms of bulk and variety of graphical work as I finally reach out to such a stage in the next few weeks/months.