The names are just there to give a general idea of the set. Since names is spiral knights take a lot of thought/research to come up with.
Shield set: A set of armour (looks like https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcTixAiC2IKDF_TI_oEG... in the shape of jelly armour) that when equipped along with a shield instantly copies all the shield's stats including abilities, unique variants and durability. Just like a shield the armour can be broken (and will recharge over time), if the player is hit when their armour is broken it will be as though they're not wearing anything. If no shield is equipped then it will be as though they are not wearing anything. Upon collecting a heart of any size all members in party will acquire a 1 second defence boost.
Switch set: Armour that has two modes (attack and defence) which can be switched at any time with a key set in the controls menu, in attack mode damage output is doubled while defence is halved, in defence mode defence is doubled while attack is halved. It's a cobalt line clone stat-wise.
Range set: When worn all ranged weapons have infinite range, however at point blank range all weapons do zero damage, the longer the projectile travels the more damage (20 x tier x squares traveled = damage) it will do (also the bullet explosion size increases, if you didn't know already all ranged weapons in SK do AOE damage).
Is bumping allowed?