AbdulAlhazred
Legend
Cloak of the Mountebank is always interesting, as is a Cloak of the Walking Wounded for some characters.
No, I don't think it works out that way in practice. PCs dish out far more damage than they take, and Wizards especially tend to make many more attack rolls than monsters make against them. Many monsters can't return fire if they're immobile or dazed, let alone stunned or removed from play. If it were possible to trade, every Wizard would choose offense over defense and get an overall power increase.