Weapons do auto-crit every time they hit non-magic armor, because they just slice right through standard armor. Yeah. Now THAT'S some serious - worth fighting a raging adamantine golem for it - gear - but you only get one, so what would you prefer? Always critically hitting enemies? Better defense? No Crits?
That is a tough choice and really depends on the Class I am playing.
Cleric I am definitely taking the armor.
Fighter is a little harder to decide but would depend on type of fighter I am playing
Barbarian (assuming I am not wielding a great weapon that is on par or better than the weapons the forge offers) probably the long sword
Magic users I am getting something for Lazel or Shadow Heart (depending on party make up)
Ranger highly depends on what type of ranger (subclass and features) I am playing