Even if the RAW allows it, bracers of armor should never be able to have other abilities. Well I suppose if you know that your game will never go epic, it would be fine. (If this is true of your game, read no further)
Once the game gets to epic levels, bracers of armor start to outstrip other armors in raw bonus, making it tempting for for 40th level fighters to sport bracers rather than full plate. Allowing bracers to have other abilities would make regular armor totally obsolete. Rather than ban mages from kool armor special abilities (because what mage wouldn't like to have Greater Fortification?), my solution is to ban Bracers of Armor and Rings of Force Shield; instead I allow Bracers of Shielding (+1 to +5) and Robes of Armor (+1 to +5) that can both have regular armor/shield abilities. It allows arcane casters to have better AC but also at greater cost.