As you all know, in EQ everybody hangs out in dungeon or camps. As much as balance is a good thing, I don't see anything less than a goblin hero being able to take down a giant. Yet I can see a large battle between a giant and Dragon being ratehr interesting. Goblins are VERY quick, and with good armor and weapons, they can take down a giant if they're unprepared. However in the end, a top notch giant will usually have the upper hand on the Goblin as far as 'winning' the fight goes, but with magic differences, and the fact that goblins usually run in packs, the Giant will probably find himself in big trouble.
Same methods apply to the dragons.
Yes, we will have a detailed 'manual' either on paper or electronic. I find it hard to believe that someone who has worn leather all his life would be able to strap on some plate and go fight as effectively as someone who always wears plate. And your shield skill could affect your chance to block a blow or nullify it somewhat. What realism that would add to the game. Families are more than just names.