Sovreign's portraits look kind of silly when they are positioned in a way where they should hold a weapon but they have nothing in their hands. Their portraits and Champion portraits should be updated according to the weapon they hold.
On the other hand I don't think that champion's portraits should be updated every time they change armor. I don't think it would be good to see armors in portraits because that would make champions harder to recognize. Especially because the actual selection of armors looks quite anonymous and dull, while champions have colorful and easily recognizable clothes.
