I looked at the armor system update. And I'm very skeptical about it. This is another thing that confirms that TFP is moving closer to an RPG component than to a sandbox and freedom of action. Im VERY hope that armor sets will not be tied to a specific character. Since it completely kills the point of playing solo, as many buffs from things you just will not get as you took for example lumberjack, and until the end of the game have to play with him (until the next death probably).
If armor sets can be collected in the world and used solo - I won't question how armor works (Hopefully in order to change the armor set I won't have to constantly re-click all the equipment. You can just collect a set that can be changed later if it's full). After all, then I will be able to use the maximum possibilities in singleplayer. If this system is tied to the character, its over.
I certainly realize that the next update will immaculately be a quality improvement, but it seems to me if they focused on visuals rather than gameplay and balance. That's saying something. After all, such work can be called, a beautiful wrapper with a bad candy inside. I could be wrong, but I'm reserving my vote on that tone.