I love how this thread went
Anyway, I just started a monk/cleric of Tyr who has a couple of vows, including poverty, so let me put some cents in!
The book of exalted deeds has all you need to know about poverty in my opinion, at pp. 29-31 & 49, detailing voluntary poverty and the sacred vow of poverty respectively there.
So here's the thing. You get some decent mechanical bonuses if you choose voluntary poverty or take a vow to offset the disadvantage of not being able to own and use magical items. Without DM support to grant us these bonuses (which I am not calling for since it is our prerogative) it is my opinion that you have to draw your own lines when it comes to such things.
As long as the DM's don't grant us the advantages of poverty, it is your responsibility to choose what is practical and right for your character. As grunts mentions, some classes i.e. monk and cleric may be hardly effected, whilst a gear heavy class would be. Does this prevent a fighter from taking a vow of poverty? Mechanically and to the letter of the vow yes, you cannot own and use the fancy stuff that keeps you alive. However, in the spirit of poverty as it is well stated in exalted deeds is thus:
While taking upon herself the burden of poverty voluntarily, an ascetic recognizes that many people do not have the freedom to choose poverty, but instead have it forced upon them, and seeks to better those unfortunates as much as possible.
Interpret this however you wish. I would be very happy to share a vow of poverty with a fighter who is wearing the necessities, i.e. magical armour, who is using it to further his charitable deeds and who would gladly relinquish it to a more needy owner if prompted. This may directly violate the wording of the vow of poverty in owning magical items, but the vow was not written for this game, and failing direct DM support it is up to you to adapt and apply the spirit of the vow in whichever way allows you to carry it out. Not simply making things easier - if only a simple weapon and armour is enough then you should forgo the rest - but not forgoing greater items if they are truly necessary to you (not all players have the same skill for instance).
These are my two cents, but I will reiterate that I would be glad to share a vow of poverty with anyone who follows the spirit of it, overlooking any mechanical compromises they MUST take.
Poverty for my (vow of poverty privileged) monk/cleric goes roughly like this:
-All money, minus what is necessary for essentials such as food and healing supplies, is donated to the church of Tyr (practically I just buy some healing kits and donate the rest to the church, RP'ing I got them there).
-No magical weapons or armour (monk/cleric privilege kicks in here!), HOWEVER, using certain equipment that increases natural armour and AC may be used in moderation to simulate bonuses that would be gained mechanically from a vow of poverty
-Magical items are carried upon my person to be used only upon others, and only if that use preserves life and/or pursues justice, not for ease of a journey or battle
-Perform charitable deeds at every opportunity
-Looting chests is okay in fairness as per book of exalted deeds, as long as the majority goes towards charity
And that's the short of it.