Good points UrLukur!
I personally would like a game where dieing to a single hit requires a enemy who has a strongly str. focused build or getting lanced, but it never being possibly with ranged (short of siege crossbow/best bow on a naked person), but also allows for a very good player, with very bad equipment to still kill a very bad player, with very good equipment.
The different Armor Values (soak, reduction...) could be enhanced with a more varied applying of damage (chip damage, damage to armor?) or really just encourage the use of special setups... like before the last few updates, I would focus on piercing weapons, to get though the tin-cans, while they would normally focus on a big cut damage weapon to cut down the peasants.