What I would like to see is first a bigger difference between the pros and cons of wearing light armor and heavy armor. So you really have to cater it to your character.
With the ability to smith your weapon seems to exist, it would be great to smith your armor. It would be nice if combining materials, jewels, dye (taken from plants), and maybe few other things would result in an armor type and color. That could creat quite a lot of different combinations. It will also add quite a bit of adventuring to the game, if you needed to buy or find scrolls that were "blueprints / templates" for the armor. Then for example, using a flawless diamond would yield a stronger armor than using a rough diamond.
What do you guys think?