Curious, what happens to Enchanters, then?
As it stands right now, it's too costly to wear full sets of armor unless your class starts with a very high equipment weight. I'd say a Paladin basically wants full iron, unless he wants to spend a great deal of this points into Endurance, and even then I think it's actually impossible to wear full diamond. At least, according to my calculations. Even if it IS possible, the point expenditure would be far too great.
The current system basically encourages most classes to wear a single armor piece, iron/diamond chest usually.