I have a high elf paladin that is a lowbie, spend most of my time working the bazaar on EM buying low and selling high, which has afforded me a significant amount of plat to twink my pally out with. I bagged on the breastplate, but I use the boots, two bracers, the gauntlets, greaves and venbraces. These provide a cumulative +61 AC (not bad, not great), +36 Strength, +50 Stamina, -10 Dexterity and -28 Charisma.
I offset these losses in large part by a Cloak of Greater Pernicity and a Belt of the Great Turtle (AC6, Strength +10, Dexterity +10, Hit Points +30 and a worn aura of battle effect +10 Attack and +2 HP regeneration).
All in all it is decent armor, very good stats with the debuffs offsettable and cheap. I think this is excellent lowbie armor and certain pieces can be carried forward until the more powerful armors are available and useable. I ditched the breat plate because I use an Acrylia breast plate (sic) which is AC 38 plus a variety of stats. But until I can start using the effects on my Deepwater armor I'll trade a little AC for a lot of strength and stamina on what is arguable a physically weaker race.