Having thought about it, right now I have two main goals for armor:
1) Be able to have some "armored" types that have a higher "effective" cap-health against types that lack sufficient armor-piercing.
2) Be able to have those same "armored" types have a higher "effective" cap-health against types that rely on high rate-of-fire.
Need a math double check here, I don't think the new system fits point 2.
Ship 1: 100 dmg, 1 second reload.
Ship 2: 500 dmg, 5 second reload.
Both ships do 1000 damage to an unarmored target over 10 seconds.
However, against a ship with 1000 armor, so 50% reduction.
Ship 1: 50:(100/2) dmg, 1 second reload.
Ship 2: 250:(500/2) dmg, 5 second reload.
Both ships do 500 damage to a target with 1000 armor over 10 seconds.
Therefore, rate-of-fire does not matter for damage percentage done, because it's reduced by a set percentage the percentage reduced is always the same.
Unless you manually add something like: For every 2 seconds reload over 4 seconds, unit gets 50 Armor-Piercing.
This does not make this change something that should not happen, but it does not meet one of the stated goals at this point.
D.