What I want is REAL depth to armor, where wearing a deadric helmet and nothing else doesn't protect you exactly the same as a full suit of mail would. Or a full suit of Ebony protects exactly the same as some enchanted rags. Look at Fallout 1 and 2 for example, each piece of armor had multiple armor ratings. First was http://fallout.wikia.com/wiki/Armor_Class, which reduced your opponent's chance to score a hit, then there was http://fallout.wikia.com/wiki/Damage_Threshold, which reduced damage taken by a certain number of damage points (this was used in New Vegas), finally there was http://fallout.wikia.com/wiki/Damage_Resistance, which reduced damage by a certain percentage. Damage resistance was also broken down into multiple categories, like normal(bullets and fists), fire, laser, explosion, plasma, etc.
So lets say the enemy attacks you with a weapon that does 40 damage, and you've got a DT of 10 and a normal DR of 50%. First they would have to pass your armor class or they miss completely, then the damage is cut by the DT, then multiplied by the DR, so you take a total of 15 damage instead of 40.
In Oblivion, there's only a single stat, armor rating, which is pretty much damage resistance. No amount of pauldrons and individual gauntlets will make that any deeper.