I use a 4:3 (1024x768) display and most items (particularly tools) go off-screen. It's not a big issue most of the time but I can't tell what item I'm holding without looking at the hotbar. I have attached pictures showing how each tool clips out of view. Perhaps on 4:3 displays, the held items could be made to appear smaller so that they fit on the screen, or positioned further to the left/right.