Historically, it’s because Paizo decided that Rogues (the ones most likely to take the feat) shouldn’t be so “good” at using such “magical” equipment. See also the ruling that alchemical weapons cannot be used for Sneak Attacks.
It’s more of an “image” concern. There really wasn’t any particular balance concern: Quick Draw was never a particular popular feat, nor was it ever especially powerful. The ability to pull out the appropriate wand, or at lower levels, the appropriate alchemical item, was a useful side-facet to the feat but rarely a reason to take it by itself. Remember, Quick Draw does not give the ability to “quick sheathe” anything, and in fact that’s not an option offered at all in either 3.5 or Pathfinder, so particularly with wands, after you’ve activated it, you need to do something with it before you can use another weapon. Dropping it is a free action, so that’s an option, but it has serious risks since that’s a valuable magical item you’re leaving on the floor.
But Paizo decided that it didn’t think Rogues should be using such items so much, despite the fact that an optimal Rogue will use them quite heavily. That’s the “balance” concern: not that it makes Rogues too powerful, but that it’s too frequently a better option for Rogues than “traditional” roguish weapons for Paizo’s taste.
Unfortunately, I am unable to find the original discussions of the alchemical weapons and Sneak Attack nerf, where this was hashed out.
Note that all of this was done before the Alchemist class existed. While there was no balance problem for the Rogue with respect to Quick Draw and alchemical items (as can easily be seen by the lack of balance problems due to this combination in 3.5), it is possible (though I doubt it) that there could be with the Alchemist. However, keep in mind that neither 3.5 nor Pathfinder is tightly balanced. With or without this nerf, the Alchemist is stronger than the Rogue and weaker than the Wizard. Thus, you can houserule this particular combination, and while it will improve some classes relative to others, it won’t improve them so much that it actually changes which is more powerful than the other.
Personally, this is one of many changes in Pathfinder that I houserule. Several other houserules are also aimed at improving Rogues’ lives (like the ability to Sneak Attack with splash weapons), because they need it.
It means you can don the shield as a swift action, while you are using a move action to move. If you do not move, drawing a quickdraw shield is still a move action.
The phrasing follows the equivalent part about drawing a weapon:
If you have a base attack bonus of +1 or higher, you may draw a weapon as a free action combined with a regular move.
Note that this "move-and-equip"-rule also applies to readying a shield:
If you have a base attack bonus of +1 or higher, you can ready or drop a shield as a free action combined with a regular move.
This makes quickdraw shields seem incredibly useless.
However, even though it is not explicitly stated, I believe these two things are mutually exclusive, i.e. you draw either a (single) weapon, or ready a (single) shield as part of a single move action. This is backed up by the part about Two-Weapon Fighting allowing to draw two weapons at once, as a shield can also be (used as) a weapon.
The quickdraw shield then has the advantage of enabling you to move whilst drawing a weapon and strapping on your shield, at the expense of your swift action.
As to your example, a quickdraw shield does not help you in the first part, since you are not drawing a weapon as part of a move action. In any case: you can't attack in that round, since you will need to move (using your converted standard action, as you have already used your move action) in order to draw the shield as a free (or swift) action. In your notation:
- Sheathe 2H weapon (move action)
- Move, while donning the quickdraw shield (2nd move action & free action)
- Bring 1H weapon from my gloves (free action)
The other way around, the quickdraw shield DOES help. You can put away your shield as a swift action AND draw your 2H-weapon as a free action during the same move, which leaves you with a standard action to clobber your foe.
- Stow 1H with the gloves (free action)
- Move, while stowing the quickdraw shield and drawing 2H weapon (move action, swift action & free action)
Best Answer
Quick Draw.
The benefits don't mention putting away anything. I have always used this as a draw only feat, as I believe it's been that way pretty much since 3.0. Now, as you mentioned, that doesn't preclude you from using a free/swift action to drop your weapon, and quick draw a different one. But by default, if you want to put your weapon away, you must take a move action to do so.