IMHO it all depends on the inventory system. While on the one hand it is not realistic to carry around lots of armor without a pack mule, on the other hand one of the things that bothered me most in Oblivion were the frequent trips back and forth to the trader.
So .. gice me a high carrying capacity (or some possibilty to fast travel/teleport) and a huge lockable chest - and I'm all in for hunting armor sets across the whole country ;o). If the load and travel system is similar to the one employed in Oblivion, I'd rather have a few more armor types but nothiing that HAS to be combined in order to unlock its full potential.
Another thought on AI armour - at a certain point in the game I woul rather be a hero than a commoner. For me that's one of the major points of role playing games, to have a bit of bad ass potential and attitude after some hours of gemplay and to survice to live it out

))))). So please spare me bandits or other standard foes with high level armour - a person that can afford costly armour and would like to rob people IMHO usually choses a life as a tax collector or trader, not the dusty road ;o)
cheers,
M.