Worn AC changes in patch

[Shodo]

Since joining the server, I've heard a lot of hubbub about "AC is broken" and "agility is worthless" - are these statements still true? Were those issues addressed by the patch, or was it talking a bout a different AC issue?

In other words, is it now worth it to buy stuff like Deepwater gear on a low-level toon for the higher AC? (As an upgrade to bronze for example, if you can't afford good stat pieces)