I would judge it like this:
Pros:
- Active counterplay against CC, and CC made the first game too easy
- Counterplay against burst
Cons:
- There is no damage mitigation anymore, only extra health against specific kinds of damage, even blocking is removed
- The current system only works for short battles, since armor regeneration is very scarce
- After your armors have been broken you feel hopeless against CC, too much of a contrast between having armor and not having armor
- It is best to have a good mix of physical and magical armor, which forces you to mix and match with light and heavy armor, which hurts the visual identity of a character (armor sets do not visually represent unity, but look like an assembly of random armor pieces of different kinds)
Possible fixes:
- Adding more ways to regenerate armor
- Adding more counters to CC apart from armor
- Adding different armor type (magical,physical) distributions for each armor class (light,medium,heavy) so that you can run a full set of one armor class without being restricted in the armor type proportions