Depends entirely on Balance. I feel the modder solution is a little stupid though, I've never found an equipment mod that fits in the game, at the same level as the Bethesda stuff does. Sometimes because of "Player only" implementation, but more so because of a total clash of artistic direction, or mismatching color palette on the weapon. Even if it's technically done better, that whole "It's so good it sticks out too much" thing always bugs me.

Anyway. back to my original point, how content I am with an overall armor selection depends entirely on how it's balance. I always believe as the player progresses, equipment shouldn't necessarily be linear, for example, while early it's fine to have Leather-Iron-Steel and stuff, as you get higher, it's better to fan armor(and weapons) out for certain playstyles. New Vegas, even with it's pretty low count, does it quite well as a prototype. Even a high-end player might stick with the Reinforced Leather because of things like Sneak-Ease of Maintenance-Quality, over even armors in the same 'Light" category. So I personally can't give a definitive answer to that, but in an Oblivion system, I'd say More armor is better than Pauldrons alone, in a Fallout: NV balance system (Just the overall progression balance of equipment, not the stupid 1piece suit) definitely separate pauldrons.