I'd have to disagree Dab. My fights have just been lengthened, and no n00b has beaten me because of better equipment. I've only been beaten by better piloting, a Nova up the @$$, or someone shooting the h*ll out of me when I'm typing something and sitting still(I hate that. :/).
I like the Armor upgrades, it prolongs fights(Lance, mostly) and doesn't really make it easier or harder to destroy someone.