Some friends and I talked about a rework for the armor system. One suggested that I post it here, so, here I am.
Let's be honest -- There's no reason to get Leather, Chain, or even Gold, Armor. I think we can fix that.
Leather is cheaply made, therefore I don't think it needs to be changed.
Chain should provide more mobility, allow you to move faster, but sacrifice some defense.
Gold breaks quickly, with no added benefit. Let's change that. Gold tools are already tied with enchanting. I think that Gold Armor should give the player more experience.
Along with this, I suggest that Gold -- Or, possibly a new armor set altogether, -- boosts critical hits. These would give proper cause to Gold's low durability.
Iron should remain the same, providing a good neutral option. Diamond, currently being the best armor set in the game, already has a good system in place with the Elytra. Thus, Iron and Diamond would likely not be changed.
With Chain, this would allow PVPers to choose between the low defense, but higher speed Chain; the low defense, but higher crits Gold; and the neutral Iron.