Just noticed this thread while searching for info on the leadership feat and saw that there was a decent amount of differing opinion on cohorts coming with a standard set of equipment for their level. Probably a ton late on adding in my two cents but doesn't the feat state that it only gives you the ability to attract cohorts and followers under your leadership? This would mean that you don't instantly get a group of people who suddenly follow you just because you took a feat. I would think that as you have to put in the time and effort into getting these people or creatures on your side to begin with, they would already be a somewhat established NPC(Have stats, feats, and whatever items the GM deemed fit for the character before they were ever even met). I would find it to be incredibly strange and ridiculously metagame for these characters to suddenly find themselves with absolutely nothing if they were fully equipped five minutes ago when they were standing in the bar(Just an example.) and now that they have deemed you fit to follow, they are suddenly naked as the day they born(or spawned).
I'm not saying that I am correct on this one, just that it seems a bit off.