It isn't so much an issue of...it's unreality, so much as a lopsided effect it has on the gameplay. It creates very odd dynamics in the game. The OP is really just a sort of excuse to comment on it. You could easily buy five suits of armor, or five helms or whatever in game...I guess I don't like it because it draws away from balance. Impenetrable armor or limitless mana, huge amounts of damage per attack, etc.
This is just plain Incorrect.
The more variables/options you have to choose from, the greater the variance in possible strategies and the more chance to prove your skill in correct itemization -- based on what demigod you are playing.
If you choose to stack 5 armors you're going to be very defensive but you're giving up a great deal. Your not going to have any mana regen (helms), won't have any offense (No gloves for +weapon damage), nor will you be fast (no boots for speed).
Maybe that works for you, but IMO the items are balanced so that in most cases if you go extreem in one category you're going to be sacrificing other very important options.
Not to mention not all armor for example is good for every demigod. Some armor is good for generals others are better in the hands of Assassins.
As an example, playing UB a typicall hit and run build includes mostly boots and gauntlets.
Erebus minon build is best imo with, armor x2, helm, gloves x2
Greater choice = greater variance. It is harder to design/itemize/balance gear, but imo the designers have done a very good job.