For those proposing to just remove armor (for now), how will the "anti-swarmer" effect of armor be emulated? Right now, thanks to armor, 200 base damage (0 AP) every second is not the same as 2000 base damage (0 AP) every 10 seconds. Against a target with no armor, yes, the net DPS is the same. But against armored targets, without armor-peircing (or at least enough of it) or armor rotting, them the less damage more times a second will have less DPS per second. Armor works as a way differentiate high base damage, low rate and low base damage, high rate DPS effects in a way that HP alone is agnostic to.
It could be argued though that these two cases should be equal, that there shouldn't be something to punish low damage, high ROF, where all else being equal, base DPS is the same. I would not agree with that (I think it brings in an interesting dynamic), but one could say that this effect isn't needed.
Oh, and even with the very low armor values we have, high cap ships tend to have so little per shot base damage that even that small amount of armor tends to really influence their effectiveness (one of the few cases where armor does count in the current balance)