I just started using it, and I have only 1 question. What does the bot do with the items it picks up? ID them? Then sell to vendor if the item sucks? or? How would I change the settings in that case?
Then move and read the first few pages of the Trinity section.
Anyways, to answer your question - yes the bot will ID the item, and depending on the loot settings configured, will either stash, sell, or salvage the item. You can, potentially equip it with a plugin if you are not level 60 already ( Giles Auto Equipper )
Trinity has a very powerful item stashing system called ItemRules2 (more info here: How to use Item Rules 2 ) - there are many rulesets you can use, and you are free to customize your own (there is a small learning curve, but it's not difficult, just read the instructions).