...Is ridiculous. I recently did some testing with it; My armor sets were Fallen for when without elemental resist, and Grey Feather for with. The place I actually noticed this was on Vanaduke's boss room, T3, Depth 28.
Okay so. I have done Vanaduke a few times, and on the last time I noticed that wearing my new Grey Feather set made pretty much no difference from my Fallen set.
With my Fallen set, the bullets from his even stages would deal about 10 ~ 11 bars of damage or so? Not too sure. His bullets are elemental-type; Having no elemental defense is quite obvious for taking such high damage.
However, now with Grey Feather set... I'm taking around 8 bars. This makes practically no difference, considering we'd have at most around 40 HP. Allows for taking one more hit, but what's the point? There's a lot of status resistance and special bonuses to sacrifice for this really small difference.
It feels kinda ridiculous that a difference from the maximum elemental defense possible to obtain (I believe? I have 360 elemental defense with the Grey Feather set. Without variants, of course) to no elemental defense at all only changed two points of damage.
And shadow damage, aswell - Having no defense to it currently, I take at most 12 points of damage. Doens't this feel somewhat wrong?
Shields aswell end up being kinda silly on this; My Grey Owlite shield, with great elemental defense and good normal defense, can withstand 2 or 3 shadow-element hits, but still only 3 to 4 normal or elemental ones. The difference also feels really small.
The current defense system doens't seem to be really working well; It's worth more just going for the special bonuses or status resistances of an armor rather than the actual defense. This ends up being unfair on certain sets that offer great defense but not many other stats, such as Divine, Azure or Ancient. There's no real point into getting defense sets if they're going to make such a little difference.
Well it's good to have some numbers on here, but it's something I've been saying for a while.
I actually made some suggestions on how it could change: http://forums.spiralknights.com/node/711
Admittedly, that was quite a few balance patches ago, but still...
The basic system is there.