Sometimes this infamous artifact been written into books.
Anyone remember Cure Of The Azure Bonds? The Clyde Caldwell cover features the female protagonist wearing something between a chain shirt and what you might see at a Hollywood awards ceremony. (To be fair, the weird dinosaur guy behind her is wearing less.) The armour got written into the book, and was never meant to offer protection - it was for use in a sacrifice (open in the right place, after all), and was specifically described as pretty useless.
On a more obscure note: there was a book based on the Bard's Tale computer games (I forget the title). The Elmore cover portrayed, amongst other people, a female warrior wearing typically skimpy clothing. When, inside the book, the hero comments on her attire, the character replies that it's not encumbering and allows her to distract opponents. That's probably as good as it gets, people. If you've got a monstrous DEX, one of these is probably in order (no max dex), but otherwise... you're getting into the murky waters of 'distraction' bonuses. And they won't work against wolves, anyway.
Finally... there was a cartoon in Dragon magazine a while ago that really says it all as far as I'm concerned. I've never attached an image before... let's see if it shows up.