Let me tell you why the "covered up in armor anyway" arguement is just bullwhack.
The new character models open up ALOT of options for new armor pieces. They've already talked about the cropping on cloaks, and the potential for new and interesting versions of robes/kilts for characters, which by extention will eventually expand to small things like bracers.
With the new character models, we'll also see a new wave of great-looking armor pieces, weapons and maybe even quivers and relics/offhands.
Just because your character model is covered in armor, doesn't mean it'll be covered up in bland armor.