I disagree. Mass Effect 1 gave the illusion of more choice by giving you lots of pallette-swapped stuff with mild number upgrade/changes, but pretty much every assault rifle fired the same, every sniper rifle fired the same. Pretty much the only major difference in the way a gun felt was stacking High-Explosive Ammo which ramped up your heating and explosive splash to stupid amounts.
Mass Effect 2 on the other hand, for the most part...the guns felt different to each other. This pistol is small-clip, large damage, this one has a large clip but fires in a three round burst. This sniper rifle is one-shot per clip, this one has 12 per clip.
I far prefer Mass Effect 2's inventory simply because the guns - again, for the most part - play differently. And, as an added bonus, they are legitimate tradeoffs for each other. Mass Effect 1 was a rush to Spectre VII/X and then you never used anything else because they were objectively better than everything else.