Not really with heavy setup on the armor. My berserker with very small armor setup...around 14-20 could be lesser can take couple of hits or 3 arrows with his medium skills. But i know you wanna be those guys running in to 10 in the middle and kill everyone without a sweat. Not gonna happen in Mount and Blade or at lest i hope not they are switching it to casual mode
Damage seems very tied of when someone is in motion. In sieges you can go behind enemies and strike them with axe with very few damage if you use slashes. They are like Taxi Driver "Hey, are you talking with me?", they just get 1-2 damage when you take them on the back. I think because there is a huge blob and something deflected it (there could be even a soldier that was facing you but formation is so dense that he can be inside another soldier!), while when they are moving and you hit them to the side you do massive damage (and kill more people with one slash) and armor seems someway ineffective for your enemies, sometimes you two hit them when they are armored but mostly are one hit.
Against arrows and tournament weapons armor seems very effective.

