I don't think we should be able to completely "transmogrify" how armor looks to respect the original designer's work. Like changing a black "Leather Armor of Shadows" into a bright yellow chainmail bikini, just because we like that particular look and like the stealth bonus, no.

But I'd like to be able to customize the colors like in the Infinity Engine games.

And just many more armor models in general, especially clothing that already exists but only for NPC's.