a) Do you think that armor should morph depending on ones sex or stay the same?
The former. Ideally even adapting a bit by body type, without limiting the effect to a stretched mesh.
b) Do you prefer more practical armor or like the inclusion of revealing armor?
"Practical" is overrrated. Any sweet spot between believable and cool looking is fine. The problem begins when you try to define what people think it's good looking. Some people seem to think that big menacing horned helms and giant pauldrons make for the "rule of cool" while I wouldn't want my character caught dead into one. Sexy/stylish outfits are fine by me to an extent and I have no problems with boots with high heels while thong armors and similar pseudo-sadomasochistic foreplay shit pushes the trend into laughable bullshit as far as I'm concerned.
Admittedly, that's just a side talk. Definitely not a topic I care strongly about.
That said, any attempt to play the angle "if the woman's outfit has cleavage the male outfit should as well" is disingenuous bullshit, that blatantly ignores how what makes an idealized, top shaped body or a sexy outfit are not things that are supposed to be perfectly symmetrical between sexes. Society DOES have different standards for what constitutes ideals of masculinity and femininity for a reason. Because not every trait considered attractive or desirable on a group applies to the other.