I hope they start releasing periodic trailers/videos showcasing some of these new features. When Todd Howard spoke with Geoff Keighley, he said that they have time to spread out the information over the coming months, and that they weren't going to show everything at once. "There's a lot more we're not ready to talk about yet."
The "layered armor system" intrigues me. I'm assuming it will be similar to the system you see enemies using in the combat trailer. If you watch as enemies are shot, bits of armor tend to break off. A mask here, chest armor there...
I think we'll mostly have bits of armor we can craft and put on almost any outfit. So instead of finding the armored Vaultsuit, you'll essentially be able to customize your own.
I doubt we'll be actually crafting power armor though. I'd imagine we'll use bits and pieces of existing power armors to swap out various parts and customize our own. So instead of crafting T-51b, you'll still have to find it in the world, but then you'll be able to break it down and use the parts to upgrade/customize your other suits.