Wizards in armor are a decent option, but there are two things to consider: one, each feat is approximately worth +1 to AC (except Armor Proficiency: Leather which is a good buy as it effectively gives +2 to AC); two, the armor proficiency and specialization feats require Str and Con, which are pretty much dump stats for the Wizard (i.e., you want a high Int and Wis, probably Con at 13, so there won't be enough points for Str too).
Since there aren't really that many good feats, I expect many wizards to take up to hide armor (2 feats, Str 13, Con 13), as it still gives the full Int bonus to AC. Still, this will require some investment in Str, which could otherwise be left all the way at 8...
In short, it's a big investment, considering point-buy is the standard now, so most wizards won't bother - but for those that do, it's a valid option.