The idea is to present a realistic(magical/esoteric) template for equipment based on its exact location and orientation in space. Each slot provides a different bonus that boosts only the equipment(e.g. left Boot) it linked to.
Left/Right hand provide their own magical bonuses/penalty for equipped jewelry(bands/rings/bracelets).
e.g. Left Thumb combines bonuses from Fire channel and Left hand for the two rings equipped on it, with upper ring receiving offensive bonuses and lower ring receiving defensive bonus.The bracelet or armband receive Left hand bonuses dependent on their equip location.

Elements used(from indian element system) :thumb=fire, index=air,middle=ether,ring=earth,pinky=water.