I don't have a strong preference for realistic armour vs. more fantastic stuff, as long as we aren’t going too far out on the fantastic branch. I've always felt that D&D, for much of its history, has been a little bit too granular in the armour department. Just like we don't really need the plethora of pole arms that Gygax was enamoured with in First Edition (though they undoubtedly existed in history in one form or another) I don't think it adds much to a game where after the first level or two you just find the right type of armour for your character type (light vs heavier) and upgrade with master work /magic for the rest of your career. In fact, I'm kind of disappointed they are bringing back the medium armour category. I mean, there is only so many meaningful mechanical designations for armour, after that you can flavor it how you wish--ultra historical or out there fantasy (leather treated with Ryan Seacrest's hair gel + 10 AC).
Now as for weapons, I'm all for getting rid of Spiked Chains & Dearth Maul double-swords. Or the my-new-greatsword-is-better-than-your-greatsword flavour of the month that seemed to be going on for a while.