from my experience most deaths are from one shot. I fully understand the realism of this for the most part, however armor seems a bit overpriced for the little it does. It would be nice to have server options for 1/2 damage and 1/4 damage, not nearly as realistic, but i think i recall a poll a long time ago in which at least hallf the people said they played on 1/4 damage.
I think the game would appeal to more people with these options, most people dont care that much about realism, honestly, we play games to get away from real life. If this is just an option for servers it is not forcing it on people, just increasing the appeal of the game. One of the biggest failings in non persistent multiplayer games is lack of settings, people love options, you make a small change and it can change the game in a big way resulting in much more playtime, and less boredom.
I would really like to hear what other people have to say, but I cant see a reason why you would not give people more options.