One thing to remember is that increases in randomness *always* are to the disadvantage of the player character.
I broadly agree with this (indeed, the game I'm currently making has completely deterministic combat) but with the caveat that I don't think 'always to the disadvantage of the player character' necessarily equates to being always of disadvantage to the player's enjoyment.
Yes, this is absolutely true. Enjoyment requires challenge. If nothing is to the player's disadvantage, there's really no point in playing. You have to think about your combat system (including armor) in terms of where you want each of the player's challenges to come from and what balance you want to strike between them. I pointed out randomness because it's easy to miss as a source of challenge.
If much player disadvantage comes from large variances in damage, winning requires risk management and tight combat tactics. If player disadvantage comes mainly from food shortage, winning requires resource and time management. Both games can be fun, but they're likely fun for different people with different sets of skills.
I prefer combat where the absolute maximum damage that any normal source can ever do is no more than about two-and-a-half times the mode.
But different games balance different, and if you want to put in a unique artifact sword that has a ridiculously high max on a normal mode, you can do that. The player will meet a monster carrying the sword 'Overkill', and in combat he'll take 3 damage, 5 damage, 12 damage, 3 damage, then suddenly 155 damage, DYWYPI, HOLY CRAP WHERE DID THAT COME FROM?!
if the player knows about that sword and can recognize it when he sees it, it's an interesting tactical challenge when you meet a monster using it. OTOH, if he doesn't know about it or couldn't possibly have recognized it on sight, it can feel like a really cheap and unfair death.