For months, I wrestled with the decision whether or not to treat firearms as ranged touch attacks. Taking my cue from a recent Dragon magazine, I finally went ahead with it. So far, no huge disruption to the campaign. But then again, my campaign world features a post-renaissance technology level, with fanciful firearms from both the Freeport setting and the Spelljammer: Shadow of the Spider Moon setting published in Polyhedron several months back.
What's more, character classes that normally begin with proficiency in heavy armors instead get proficiency with firearms, ala Iron Kingdoms, IRC. (As an aside, it might interest you to know that very few creatures from the Monster Manual are outfitted with heavy armor by default, so this change didn't have a huge impact from the monsters' perspective.)