The way I remember older versions, the non-base resistances had a bigger impact on damage taken than they currently do, which is the reason you don't need the kind of equipment you did in old versions.
I've always been of the opinion that the main problem with angband is the availability of escapes involving teleportation out of line of sight, especially teleport level and teleport other. Teleport other is particularly crazy because it's easily available, it always works, it always teleports monsters so far away they won't come back, except Morgoth and a handful of others, and once they're away, they're as good as dead -- you just get what you're after and leave the level.
The game needs monsters and dungeon settings that prevent or hamper teleportation. Such things exist in some variants already, but I haven't seen it done really well.