I was actually expecting either glowing or some particle effect. They are the most expensive dyes after all.
Are those implemented ingame though? I can't remember seeing any glowing or particle effect armor.
Well they implemented it for weapons (the various elemental staves), so I suppose it should work for armor too. The glowing part is definitely doable, as you "only" have to create a new glowing material for the armor. About attaching particle effects to bones ... I have no idea.