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Would someone be able to provide information on how well these two work?
Also, does bound armor basically give you armor cap or is it more like medium armor?
I would also like to know how much armor it gives at 50.
Bound armour gives a significant chunk of armour, and can remain on for as long as it's on your bar. Lightning form gives both armor and spell resist but is more costly to maintain.
Both will pretty much put you up to the mitigation overlading softcap of 33% damage reduction for their respective types.