I have everything lordly (boots, body, hands and head) and I agree with this. Armour heirlooms give too much of an advantage in melee fights against opponents who use CUT weapons. Especially if you roll STR build (unlike me who is agi phool).
But against pierce/blunt it doesn't matter really and against range it's almost ignored so...
... it's not a big deal since majority of the server are ranged (pierce), cav (pierce), pikemen (pierce).
Funny thing is that I wear that armour mainly because of ranged but protection from ranged is laughable. It only serve to piss off low PS one handers which wasn't my goal at all. I really do feel gay when some guy needs 10 hits to kill me...
Nerf those after you nerf armour looms
Edit: Another way for solving this matter would be either to:
1) buff effectiveness of cut weapons
2) buff damage multi for head hits
I'm more for the second option because I think that people who spam (hiltslash is spam as well) and who don't aim their swings don't deserve to deal epic damage.