From what I can understand with the armors complying with TES history:
The Nords who came before the Imperials had steel armor and the elven races had elven armor. The elven armor is made through ancient elven armor making skills and at the time was superior to the imperial armors. Imperials have a few specialized armors such as Imperial dragon armor / blade armor which were as good as elven armors but this is to more of an exception to common imperial armor of iron & steel.
(The armor from Knights of the Nine was an old armor but was made to the very highest Nordic / Imperial ability of that time and still remains one of the best.)
In the TES time period that we play, I see it like this:
Imperials became triumphant over the elven races started ruling the entire world, their technology grew and they found glass and ebony (& adamantium?) to be a tough raw material and though expensive, both glass and ebony armors came into Imperial manufacture for those that can afford it, Hence even the Imperial armor made for your character at the completion of the Oblivion main quest looking as though it was made from ebony and not steel.
Nords of Skyrim are a warrior people by nature and through their years of fighting they have specialized their armors making and have their own armors styles which are to a high standard (as in Morrowind - Bloodmoon).
Elven armor is still made to the style of their ancient arts and orcish armor is copied from elven armor.
The problem I find
As our characters play through the game we all end up going for the best armor of our chosen skill and we all end up looking the same as we aren't offered a great amount of choice. That or we down grade just to make our character look more authentic or original.
When I make a character I like to imagine the background & identity of my character as fitting with TES race & lore etc.
i.e.Dunmer or Bosmer character I do tend to stick to him wearing elven armor even though I know glass is better or if I make an orc I tend to stick to orcish armor & when making an Imperial do tend to stick with him wearing ebony, if I make an Argonian I stick to black leather etc etc.
What I'd like to see
More more choice of racial specific armors that are comparable on armor ratings.
More highs and lows within more armors that provide more choices to choose from. i.e. one armor might be good in a specific area but lacks in another.
We know already that armor restricts magic users hence them wearing robes. heavy armor restricts stealth and acrobatics hence assassins, thieves & wood elves using lighter armors. heavy armor is tougher but weights more making the character slower. More than one of each would be better.
That or if we all want to make our characters the best they all end up wearing either daedric or glass.
Anyone else feel the same?