Seti I know how you feel, I felt the same way when this was being heavily discussed after E3. I have come to accept it and hope that maybe, just maybe with the smithing skill being as dynamic as they say, it could work.
I'm not as concerned about customization as much as some, but I'm ticked off because I used to love finding a new piece of armor one bit at a time. I'm not as much of a fan of customization as I am progression, in this case. It was nice to always just get another piece of the puzzle, so to speak. Now, I either find 80%+ (by mass) of my armor in one piece or I just get small and relatively pointless gauntlets, boots, and helmets... which are basically accessories in comparison to the armor "piece". So what if my hands, feet, and head are uncovered as long as the amount of my body that's only ever covered most of the time I'm alive, in real life, is covered by one giant piece? My hands are uncovered, I'm wearing no shoes, and I have no hat on and I can say for sure that my pants and shirt, combined, cover up far more than hats, shoes, and gloves, combined, could. Now armor is the only one piece that really matters.