I'll agree with Zhukov. Context is everything.
I'd rather that the armor doesn't really differ *too* much from either gender. But I don't mind sexy armor. It just gets silly when a chainmail bikini adds +10000 defense, while fullblown plate armor adds +50. I believe Guild Wars does armors logically, VERY well. At the max level for any character(which is easy to reach) you'll never ever see a Caster type character such as a Necromancer or an Elementalist, toting around armor that offers more protection than the armor that a Paragon or Warrior would wear.
That being said, aesthetically, I think Kingdoms of Amalur does rather well, too. Like plate armors for Warrior type characters. The two genders aren't all that different from each other. The female versions are more fitted for the female form, but that's about it. Actually there isn't really much of a difference at all. Just slap a pair of boobs on the front of the torso armor and bam, you have the female version. This, however, I cannot say 100% holds true for the Mage or Rogue type armors, as I have not yet seen both versions of these armors.