What it is worth varies (varied) with level. On live worn AC is capped at 23 (level 1) to 239 (level 49) (shields count twice for worn AC in this formula). This hard cap is hidden from the inventory window so it can look like you are gaining more ac from worn items even though you aren't!
For iksar, their racial bonus is added after this hard cap, meaning level 1-49no amount of worn ac will catch you up with the mitigation of an iksar if he is also capped on worn ac.
The bonus starts at 10, then increases by 1 per level from level 11 to 35, capping at 35.
If P99 matches the live dev posted formula, then your thinking of 35 AC is spot on, Kelor.
source:
http://everquest.fanra.info/wiki/Armor_Class
Another interesting note, is the devpost claims most NPCs don't exceed 600AC, with the exception of Plane of War NPCs which have a more 'player like' AC of 3000+.