Very likely a bug or something that hints at future pvp ? Altho really dont see them piting children against each other killing each other unless its done in a playful way .
Clover Armor - Moist - Thirtst meter drops slower
Ant armor - HumAnt - Makes you friendly to Soldier Ants
Ladybug Armor - Scarlet Embrace - Health regen
Spider Armor - Hunters Prowress - Small movment speed boost
Acorn Armor - Uncrackanble - Either Def Boost or Block Boost not sure
Grub Armor - Plumb and juicy - No idea yet
That is what i figured out so far !