As a SK lvl 40 I'm really curious about all this stuff too. AC remains a mystery for me and I've heard a bit of everything, it's quite confusing indeed.. Let's see if someone can supply a solid answer to your questions. From what I can tell from my pathetic little experience though, AC doesn't seem to be that much wonders and I would favor HP over AC on gear, in a reasonable measure (dont throw 25 AC away on a piece to get 2 AC and 5 HP for example.).
So, min-maxers, speak up please..
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