I concur...
I was just recently thinking that the "Age of Exploration" -- especially the earlier years of it -- would be a great setting for D&D. It's an age that includes all the weapons an armors that come on the standard equipment list... It's got full-plate with two-handed greatswords, leather jerkins with rapiers, breastplates and pikes, small sword and shield, and so on. It includes bows, crossbows and early muskets. Most of the world has been discovered, but little of it truly explored or colonized (Points of Light!). Contact with far-off lands has been made, so cross-overs between far flung civilizations is feasible, if exceptionally unusual (a samurai, ninja or tribal savage in Europe is not entirely out of the question). Magic is powerful, rare and feared.
Plus, everyone who's an adventurer is traveling the world doing whatever it takes to get rich... pirating, mercenary work, treasure hunting, tomb raiding, killing locals and taking their stuff... all standard D&D adventure fare.
It's just about perfect.