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Two little nit-picks about the above reasoning not to include that armor type:
1) Monk's would still be screwed, as their abilities are taken away when wearing ANY armor, regardless of stats inherent.
2) Wizards already have an amazing loophole: haramaki armor (Ultimate Equipment). That armor gives a +1 AC bonus, has no max dex penalty, no ACP, and no spell failure chance. It can be enchanted, and doesn't really require Light Armor Proficiency since no penalties for non-proficiency would be derived due to its stats.
EDIT: It's also cheaper than the above armor, and weighs less.
Silken ceremonial armor also says hi.