Currently, the only pieces of armor that actually have models are helmet, cauldron, gloves, belts, and boots. Everything else is simply as texture ~ Chestpieces, leggings, graders, etc.
Do you think that for a future update, Chestpieces and Leggings should get actual models rather than simply be skins? Those two are the only armor pieces that don't have one (except bracers, which no one sees anyways). It shouldn't be too difficult to give two categories of armor pieces some models.
Edit: blast that damn autocorrect. I meant pauldron, and bracers.