I don't pretend to understand the component system. Part of my confusion is trying to use it in a stateless environment and I am still thinking/building the connection between say the physics, render, and input components often mentioned in articles into parts of a framework or script.

I almost stopped reading when you suggest a blob and thought your answer was going to suggest MongoDB or some other NoSQL solution. Instead it offers a different direction than components. Sure, this approach might work better in in NoSQL but there is a lot more here than just a 'use NoSQL' answer.

I should have been more clear. I intend to load all components every time I need the item. The attribute modifiers aren't active parts like having the item return a list of targets when given some data but instead just apply some numbers when the item is equipped. Of course I might be thinking of that all wrong as well.