Follow up:
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				As a sort of walkthrough I'll go through the math listed in the above post with my avatar character to try and make sense of calculating your Displayed AC (via your Mitigation and Avoidance AC values.) 
 
For the purposes of this demonstration: My avatar is a level 100 Dark Elf Shadow Knight with a mix of T1 CoTF Raid gear, most augments, access to all ranks of all available AAs, no special food or drink, no buffs, and no tribute or trophy effects of any kind. I have 395 heroic agility and 310 heroic strength while wearing a 350 ac shield. 
 
Displayed AC: 10480 [Value displayed in inventory window] 
(1000 * (ACSum + ComputedDefense)) / (350 + 497) 
(1000 * (7767 + 1110)) / (847) = 10480 
 
ComputedDefense: 1110 
(390/400) / 225 = 693 
(8000 * (1295 - 40)) / 36000 = 278 
+ 100 avoidance from items 
0 Drunkenness 
 
ACSum: 7767 
5470 AC from all items in inventory window 
350 base shield ac + 31 shield ac from heroic strength 
0 from food, drink, tributes, trophies 
(5470 * 4) / 3 = 7293 
I'm above level 50 continue 
No racial or class bonuses 
I'm not an NPC or a pet 
I'm not a silk class so: 
7293 + (390/3) = 7423 
Armor of Wisdom rank 18 for pal/sk: 7423 + (620/4) = 7578 
Rank 50 of Hero's Fortitude: 7578 + (500/4) = 7703 
Agi > 70: 7703 + (1295 / 20) = 7767 
Return here for Displayed AC calculation. 
 
Mitigation AC: 3413 [Value returned by 'ac compute' function on the server] 
SK - Level 100: Cap 488: Multiplier: 0.33. 
(488 * 82 / 100) = 400 
488 + 400 = 888 
888 + 381 (shield ac) = 1269 softcap 
7767 > 1269 so: 
7767-1269 = 6498 
6498 * 0.33 = 2144 
1269 + 2144 = 3413
			
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 Now, I didn't go through and read the majority of this, I just thought it would be useful for the developers here, it may help.. it may be something you already knew, but I've read "AC is broken!!1!" before, so I thought I'd share.