When you click on a player, you get options to Trade, Add as Friend, etc. Unless I'm missing something really obvious (always a possibility), there is no way to see what that player currently has equipped. Most of the gear is distinct enough to tell apart on sight, especially with the new shield looks, but armor can be hard to tell -- what with the "cloaking" armor.

Most of the MMORPGs I've played before have had the option to see another player's stats/equips. Stats may not be so important in Spiral Knights because of the way it's structured, but I think seeing equips would be nice. If only so you know what the really epic looking armor or weapon is without always having to ask.