I like it a lot on the whole. Gives a bit more tactical nuance on who you attack with who and it is hugely satisfying to kill a giant armoured knight with just a couple wand blasts. I'd also say it makes sense in game with that flimsy mage in magic robes being helpless against crossbows but able to shrug off titanic death spells.
But the system needs to be carefully balanced in the final game. Especially any armour regen spells. One point of armour completely blocking status effects could easily be exploited like Comeback Kid in the first game was.
