I prefer realistic armor. I prefer the aesthetics of it, and I prefer it because it doesn't look like my character's going to freeze to death or get her leg/head cut off or be stabbed through the heart while she wears it. Or break her collarbone because she chose to wear boob plate.
In practice, most medieval armor was worn with a tabard over it, in part to protect the armor and in part to display the person's heraldtry. So, I wouldn't have any issue at all with having tabards over the armor.
It's also true that any engraving, wires, etc. on the armor (anything at all raised, basically) could cause a sword, spear, or other weapon to "catch" on the armor, which is very dangerous. It's pretty, but that kind of armor was mostly used in tournaments or parades--not for actual combat. And yet, I am more okay with that kind of armor than any kind of armor that reveals flesh on my character, unless we're talking Roman-style armor, which would still have my avatar wearing greaves.
I don't mind if the choice exists for someone else to put their character in gear that exposes them to grave injury, but only if I can still have armor that looks like it would be protective to my character.
"Pretty" armor that reveals legs/cleavage/midriff/has boob plate etc. is usually found on female characters, while their male counterparts get full coverage (and its beauty is subjective, because I thought that pic of a real-world lady in full plate on the first page of this thread looked totally awesome--simple and effective) and a reasonable design. That's not realistic even if you think magic could account for the protective quality of that armor--because why does it work for women that way but not for men?
Armor that leaves big gaps for the midriff/cleavage/legs/etc. is not much more effective than the battle bikini that you say you aren't a fan of, OP. And I repeat, there's generally no equivalent for men--which, if there were, would make it a bit more okay in my book.
So again, I'm okay with the option existing, but give me full coverage anyday over being fabulous and dead.
That said, I would not mind at all if there were "casual" outfits we could collect like there were in DA:O, with the Wedding Clothes/Dress, Noble Clothing, etc. I think that, or mage/rogue gear, would be a better place for pretty. And I also think what I've seen of the DA:I armor and gear thus far looks visually appealing to me anyway, without being revealing or risky (except for that long flowing fabric that someone could grab and knock the Inquisitor down with).
The day Bioware forces me to put my character in cleavage windows and midriff armor and thigh-highs is the day I stop buying Bioware games. And yes, I know they likely did so in the past with their older games, but we've moved forward. Let's not go skipping merrily back into the days of yore unless it's optional to do so and those of us who think that kind of gear is ridiculous can keep wearing our practical gear (which should always be of an equivalent or better rating to the skin-showing gear).