lukkas, thanks for putting together the data for your original post. Very valuable stuff!
After reading this thread, it seems some people are caught in a false dichotomy of HP>armor or effectiveHP>HP. As Lieu has pointed out, damage mitigation via armor is something that's important to be aware of. Milskidasith, as you point out, spell and ability damage completely bypass armor. While this is obvious to many of the more experienced players, it's good to spell it out for the newcomers to the game. The more nuanced players understand that armor is more important in some matchups than others.
The matchups where I tend to armor up in are usually when I'm playing a melee DG against Rook, Oak or UB or Regulus. As an example, if I'm playing as Sedna and I see that an opponent Rook is tower spamming and using arrow shoulder turrets, I'll usually pick up +HP and +Armor. If my armor mitigation is around 50% I'll be more apt to chase Rook into his tower farm and pounce/melee him to death. If I don't have armor, I'll most likely be running away to a different part of the map. And if there is an enemy Regulus on the field that has been sniping, I'll be very careful to never let my raw HP drop below 1500 or so. As Sedna relies on close range attacks, I expect to get hit by towers and DG autoattacks fairly often... so I usually get armor. The percentage of hp to armor really depends on my role for that match. If I'm pushing a lane and clearing towers, obviously I get more armor. If I'm primarily healing and capping flags, I'll go for HP and speed and remind myself not to get too close to towers or UB/Oak/Rook/Minions.
On the other hand, if I'm playing an offensive support role with, say, Regulus, I almost never get +armor items and instead focus on pure HP, HP regen, mana and speed. The reason being is that I'm primarily sniping with Regulus or laying mines, and I don't get hit much by minions, creeps or towers. I really only need to worry about TB fireball, enemy Regulus snipe, UB poison, Oak penitence etc. I know that sometimes I'll be hit by autoattacks and towers, but I'll say less than 10% of the damage I take in a given match as a sniper will be non-DG damage. So I'll grab some +HP gear then put the majority of my gold into the citadel as the game goes on.
The trick is to be aware of how armor mitigation works and use that knowledge to blend in your item purchasing strategy to best serve the tactical requirements for the given match. And anybody who's read this far into the thread has already improved said awareness, so thanks again lukkas as well as everybody who contributed to this thread!