I've had similar situation, it will resist knockback and such but really doesn't block much (if any) damage. I guess I live in this weird world where it is normal that blocking an attack will stop it from hurting you, so its hard to adjust.
I think they should just go through the same method TERA did, make it so only those who can use the piece of gear in question have the option to need, everyone else has to greed for it.
Considering an action and physics based title set in a world usually covered by dice rolls I am glad it doesn't feel like the source material in this way. When it comes to the world though I have found it to be pretty nice from the gameplay I have been keeping up with and in a few hours I'll be able to test it out myself.