I like the concept of the armor -- and that she's fully clothed -- a lot. It looks like it really would protect the wearer. One thing though, it is really hard to tell whether the more fluid parts of the armor (i.e. the bust section) are made of the same material as the plates, which makes the plates seem weaker.
Don't really know if that's a problem, but you could fix it by making the stomach plates go a little higher and visibly stop (so you can see that the plates and the fabric? are two separate materials), or by making the fluid parts a different color and/or texture.