I'd prefer some sort of balance between practicality and "rule of cool," the 2handed animations in DA:O were too slow and telegraphed, it seemed like those slowmotion pantomimes people do when they're trying to mimic a fight they saw on tv, big wind up, slow swing, slow recovery. DA2 was on the other end of the spectrum, swinging the weapon so fast it could be Styrofoam. I'd want more realism on the combat animations themselves with some allowances for "rule of Cool." Closer to the choreography of blade/Killbill/Lotr and less wirefu/Crouchign tiger shenanigans. Not pure realism, and not super fantastical.
Armor on the other hand I would prefer to be both practical AND cool looking, don't need a ton of spikes but perhaps beefier plates and bulkier/exaggerated armor to evoke the setting having enough magic or armor craftng skill to make armor bigger and more effective while still keeping it light enough to be combat effective. Not exaggerated to WoW levels,but enough to show that the setting allows for armor to be bigger/more elaborate, but not a great deal heavier to make the exaggerated look practical. Also: NO METAL BIKINIS or other such nonsense.armor should be armor, not underwear. It still has to be practical, if you must have spikes they need to be places so you aren't going to impale yourself on them, or hinder your movement,and armor should cover anything you don't want stabbed slashed or otherwise maimed.