JC- fair enough I suppose. But, I'm willing to bet that a PC is attacked far more often in the course of a campaign than he absolutely needs to fly somewhere. Overall, the plussed items are just too useful.
I'm guessing the times you
need to fly are usually more useful than the time that the +1 turned a hit into a miss. But, again, campaign style comes into this. Lots of interior fights (especially caves compared to castles)? Lots of combat? Lots of traps? All these things (and more) will make the value of the +1 armor go up.
On the other hand, do you have lots of exterior fights? Not a lot of combat? Lots of exploration (flying to feel upper walls, check ledges, etc.)? Lots of sneaking around? All these things (and more) will make the value of the +1 armor go up.
Put it another way. I mentioned before that a +1 weapon, +1 armor and +1 shield effectively raises the level of a fighter by one. More or less. He's hitting the same as one level higher (and doing more damage on average) and the AC and save bonuses from the magic armor effectively raise his HP to the next level as well. The only thing he's missing out on is a couple of skill points.
Would you say that at-will flight effectively raises that character by one level?
It depends on what edition you're talking about. Saves come into play (I hear they're good for the Fighter pre-3e

), as do feats/skills in 3.5, powers in 4e, etc. And, since you don't get AC bonuses for level-ups in 3.5, the +1 armor/shield don't add there, I don't think.
But, regardless, I've seen people do far more with flying races than I've seen people do with +1 weapons, armor, and shields. Those things are nice, too, but again, I'd say that "you can fly" is a damn good class feature, and I wouldn't feel cheated at all by only getting that in a level. As always, play what you like
