I hate massive swords and think they look rediculous, so when it comes to weapons I'd like to see plenty that are based around realistic designs and weights.
When it comes to armour.. well thats much more personal. I personally think that only having "realistic" armour would get quite dull. I thought a lot of the armours in Dragon Age were lifeless and they were trying to keep it real.. so to speak. I think realistic armours should be in the game and given equal status and power as unrealistic armours. Lots of people like high fantasy, lots of people like gritty realistic versions of fantasy. I think to choose one over the other, unless its completely necassary, is a mistake.
I mentioned in another thread that I liked Dragons Dogma's armour system. You had boots, trousers, chest armour, chest clothing, helm and back pieces. You could mix and match them. They all had stats that were relative to what they were - heavy armour - heavy defense, clothes - little defence, but better agility etc. You could upgrade and enhance each piece and alter stats to a degree by collecting reagents and cash to do so. They had pieces that were sexy (clothing items, some leather strappy gear) and pieces that were entirely realistic. I prefer to see sexy armour in games, I found in DD that I was using combinations of sexy and realistic pieces to come up with something that i liked, didnt look like it would never work as armour in real world situations and was balanced in terms of its performance.
This kinda thing, although my character was an archer so I was using cloth and leather combo pieces: