Splitting magic armor into 4-6 different shields would only serve to make each and every shield completely and utterly worthless.
Yes!
However, I feel like armor and magic armor is good. I've enjoyed this new feature. More than 2 would get very unfun though, I think.
The only big issue is the complete CC immunity turning into complete vulnerability. This means if you work out a CC locking rotation you can beat enemies of infinite health and power, and this seems pretty abusive, and is what fights can degrade to quickly.