After seeing and thinking about it, I've changed my mind and think if Jon balances out (don't think that's quite been achieved just yet). Then actually it may be a good thing.
The main reason for this is simply all armour gives a % bonus but not a % increase to PR. For example at 100 PR putting on a piece on 10 AC armour blocks what 2.4% of damage? but will increase PR by many times, like 4000%? or something like that.
But at 1mil PR, the armour will still block 2.4% of damage but the PR increase will be like 0000.1%.
The only exception to this is weapons, and they are catered for with the allowance.
The only thing that wouldn't have worked were the items that gave set % bonus, such as Tulks or CoI but they have all been changed now.
I still dont think it's perfect as it's too much maths and balancing for my liking plus may ruin a few good parts of the game, but on the whole it makes sense and over time may become something we eventually agree was a good move.