You should note that AC and DR are very different, so comparing magic items might not work well. +1 Armor of Invulnerability costs the same as +4 Armor. But if you want +4 AC worth of bonuses, you could get +2 Armor, a +1 Ring of Deflection and a +1 Amulet of Natural Armor for 8k, while the armor would be 16k. This would make it seem like DR 5/- should be worth more than +3 AC.
However, when they apply (so not against fireballs or something), both DR and AC scale concave up in power. The more AC (DR) you have, the more powerful the next increase in AC (DR) is. It does not seem possible to get an amount of DR so large that enemies simply cannot hurt you (their damage far outpaces AC), while it is possible to get an AC so high that most enemies cannot hit you.
If you really want to know how much AC the DR is worth, build a sample character with DR and run the damage/round calculators from a couple of different enemies who he is likely to fight. Then, see how much AC you have to give him to keep the damage about the same after you take away his DR. Unfortunately, this could change at different levels.