There are some nice armors in this game, but they don't really affect the character very much. I think it would be cool if armor affected the hero in a larger variety of ways, like wearing a robe takes less food than wearing platemail.

But my main idea is that it would be awesome to have armor like the knights have. It would offer super high armor and even decent magic resistance, but it would force you to move at half speed. Of course this would have to be a heavy armaments equipment.

Only balancing downside I see you could camp with a bow and not have to deal with the slow movement downside by firing every turn. Maybe it would be incompatible with the bow and thrown weapons, due to the lack of maneuverability.

I doubt seeing this come into the game, but maybe?

If it's cooler armor you want, just you wait until Dragon Armor comes with the next update.