Recently, I've played a game where I went up against an Unclean Beast who could deal 1500 Damage per hit due to Gloves and Artifacts. In order to counter this, I filled my inventory with lots of expensive and artifact Armor, including All Father Ring. In the end, I had 9000 armor, but I could not stop him from defeating me. In a one versus one stand off, the high damage Demigod always came out in the end, having only reduced his 1500dmg to 500 (Which is still very high). Clearly, there needs to be some more balance between how Armor protects against Attack Power.