I'd like to share my view on this.
I agree with the idea. No, not because I'm lazy or because I don't want to grind. I don't care about all that and I had my own set of armour in the earlier SMP all by hard work. I agree because others deserve a chance. We all agreed on the fact that we wouldn't abuse glitches to gain an unfair advantage. Noone likes an unfair advantage. Wheter you earned that advantage or not, there's a point where that advantage is too big and unbearable. I can't bore the fact that no matter what, one slip up leads you back to grinding. Even more importantly, what if you lose to somone who has the same gear and gets yours? It becomes an arms race. One man wins, equips another. Those men win, equip two more.
PVP has always been a problem because it brings a vicious cycle of situations. Some situations are bigger, some are smaller; but they are there. Everyone has had their experience and noone's been given a fair chance as long as the other person has a game-breaking advantage. Pickaxe enchantments were meant for mining, Sword enchantments were meant mainly against mobs. Sharpness, however, was not. Sharpness is the only enchantment I know which is specificly meant for the sole purpose of PVP. Protection armour is also meant for PVP, yes it works against fall damage but be honest; which would you use? Projectile protection or normal protection? I'd know soon enough, there's no Sharpness Protection. People use swords, those that use bows end up using a sword anyway. When you have protection IV armour you pull out your sword and run for it unless you really know you can't make it.
Think about it, you are playing Team Fortress 2 or any game such as Zombie Panic : Source. You get ubered as scout, I see very little scouts who take the pure advantage of it and pull out a melee weapon to hit the shit out of everything. In Zombie Panic : Source if you were to be a survivor with an unfair amount of HP you can't resist the temptation to hit shit with a frying pan. Who here would not go out on a wacky-massacre but instead play it safe when you have that much HP anyway?
Lastly I'd like to mention the term 'Arms race'. Most of you know what this means, for those that do not know I'll quickly explain it as I would; not as Wikipedia would. *Arms race means to simply advance into better weaponry to get an advantage. In the first world war the germans invented mosterd gas. Hope I wrote that correctly. The intention was to throw it into the field, it was new so noone knew about it. "Haha, silly germans throwing smoke grenades at us! Ha ha!", until they choked to death. Fun-fact, one time they used this and the wind turned; causing the gas to float towards the german side. Anyway, That's an arms race with an example to it. In SMP there is an arms race, every playes wants a 'god sword' or 'god armour'. God swords with multiple enchantments enhancing their percentage of succes. God armour to enhance their percentage of survival. You have to be lucky. You can't controll it and sometimes you just get lucky. *I forgot wheter it was the germans or the Americans. It is just an example, if you know what it in reality is then feel proud.
So to conclude my story, I want this implemented mainly for the fact that fairplay is a gentlemans game.