No, the thing is that the weapon swap hotkey allows cheese to be possible. It was originally intended for swapping between melee and ranged weapons, as far as I know, but players have been using it since then to switch between killing and magic find items on the fly, pull out a shield to block an attack, or any similar tactic. It would be impossible to have weapon swap and prevent it from being exploited.
People, Bashiok's not suggesting it will be impossible to change weapons or even armor during combat. Just that you will have to do it the manual way of opening inventory, dragging and dropping, then closing inventory. It's possible but it's a chore so as to discourage it. He talks about stamping out a hack or hotkey to do so. Like an aimbot in a shooter, it would allow players to perform actions at the speed of electronics instead of human hands.
Q u o t e: Assume that whatever Grug says I agree with, so any loner he's arguing with instantly loses 2 to 1. -Cpslostudent