I am on the quest for achieving the full set of the special armor that you can receive in New Sheoth. I only have time to dedicate myself to one, though. So which is personally better, out of experience? Madness, or Amber?

My Light Armor is higher than my Heavy armor, for reference. Thanks in advance.

I always prefer Amber, as I'm always stealth/magic.

Madness is best combat heavy armor people. It's very nice when it's enchanted and what not. Amber is better for light armor and stealth/magic peeps. For specifics look here

Madness Armor: http://oblivion.wikia.com/wiki/Madness_armor

Amber Armor: http://oblivion.wikia.com/wiki/Amber_armor

The madness armor looks the best by far, but the amber would probably be better if your light armor is higher.

I personally like Amber better than madness, the way it shines, the smooth shapes of it, that shape of the pauldrens and the thin shape, not wide of clunky like other ones...
Though I think this overall depends on your build and how you view your character. When I see Amber, I think Radiant, like fire, good, etc
When I see Madness I think, well, madness. Tank like, strong, capable of easily taking down enemies. Go with whatever one you can see you character wearing more.

I love Madness

If anyone is interested, I have http://www.gamesas.com/index.php?/topic/1171779-amber-or-madness-ore/page__view__findpost__p__17282665__fromsearch__1 where you can choose which one you like best. My answer to the question is there as well

I ended up getting a full set of both. My character uses Amber in general but switches to Madness when going into an Oblivion gate or some other combat-heavy environment.