1) Can I put a weapon or armour in the Bag of Holding and consider it "equipped"? I know it's not very thematic, but otherwise the utility of this item would be far lower.
2) The Bag and its contents are "immune" only to stealing effects/spells, right? Other effects (above all, destructive ones) are still allowed, aren't they?
3) Game balance: (connected to point 2) how do you feel about the perspective of losing a treasure and your eight most valuable items with a single spell?
4) Game ethics: would you allow things like "Alan attacks Bob, Bob loses, Alan claims Bob's Runesword, Bob puts the Runesword in the Bag"?
? Personally, I'd prefer beating the Trickster, so I could take the BoH + 8 Objects, not see them discarded