Armor does have good effect, but raids focus on HP because the timing of your Complete Heal chain has to be based around worst-case scenarios anyway. Having better mitigation usually just means the CH hits you at 25% life instead of 15%, or something similar. Stacking enoiugh HP to survive an additional max-hit round means you can increase your CH interval. If you're off-tanking or doing other activites where you aren't the focus of a full CH chain or where your complete healers can routinely duck their casts, armor will give a better benefit.
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