Hypersmurf
Moderatarrrrh...
The real question isn't what the book itself says - we all know it can be interpreted multiple ways. The real question is if it's balanced and priced properly to ignore the medium/heavy restriction.
Well, 25,000gp... it's no Ring of Jumping...
If you include the armor restriction, it emulates a 1st or 2nd level class feature.
Like Rage, or Fast Movement, or Divine Health, or Deflect Arrows.
Boots of Striding and Springing : 6,500
Periapt of Health : 7,500
Gloves of Arrow Snaring : 4,000
I'm not sure if cursed items count, but
Sword, +2, Berserking 17,500
It seems that 25,000gp should grant more than just vanilla Rogue Evasion.
I don't know, maybe I've chosen the wrong class features to compare it to. YMMV.
-Hyp.