Hey, that's quite nice, a way for us to mitigate physical dmg.
Afraid it'll probably be "balanced" by some 500-700 dmg axe or maybe they added that 1 in front of the armor by mistake, but i wouldn't mind some more ac :)
I'm curious what the set rewards will be though. And I can't really say I look forward to leveling yet another reputation thingy. Luckily, only the boots (run speed is pretty vital) seem worth the effort.