No wooden armor. Just for money maybe building houses.
Yeah, would be nice to be able to build a home somewhere....like you buy a plot of land from an NPC character... make them quests, where you find a burned out farm and locate a clue to who lived there. You find the owner in town, he offers to sell it if you can retrieve the family heirloom. You have to clear a nearbye cave of baddies to retrieve it from the monsters that ransacked the house.
After you get the dead you go to the noble in town to get a permit, where you chose which house you'd like to build and pay the "taxes" for it. From there, you gather the required wood, metal, etc. to construct the house. I guess you'd buy the furnishings much like Oblivion but wouldn't it be cool if furniture was bought and placed individually....or better yet, crafted and placed. (Like in Ultima Online to name a classic)