Like, you'd receive an extra bonus for wearing all of the items in a series.
It wouldn't just be mashing the numbers of the two armor items together, it would have a bonus that neither pieces can achieve alone. (unless you have like a unique variant of that kind on one item.)
Like say... for example, Wolver Cap and Coat together increase your attack speed of sword, or Salamander set has less weakness to ice when together.
I think this would be fun, I don't see it having a detrimental affect on the game. I have thought about this before too (similar to WoW).
I don't think the bonuses have to be anything too crazy, but I think if you wear all the pieces of a 2 or 3 piece set you should get some kind of bonus. And these bonuses could change / improve as you go from 2 Star to 5 Star versions of these sets.