I am unable to eat, equip items (armor, head items, weapons) or most things via inventory but oddly i am able to unequip items. trying to eat food items play the animation to the point where i eat the item then stops. This could be due to my choice to use an Xbox 360 controller.
I am confident that you will address these bugs within a future patch.
I simply went onto a world with the Xbox 360 controller as the active control scheme and attempted to eat food or equip things such as a torch using the Xbox controller's right d-pad input.