I really like this game! I've played hundreds of dungeon levels and collected every armor set. Here are the set bonuses for each color:
BROWN SET
Quick Armor
+ 25 crit*
+ 64 runspeed
GOLD SET
Gold Knight
+32 damage
+32 critical
BLUE SET
Strong Armor
+25 *defend
+200 life
PURPLE SET
Battle Mage
+25 *proc
+100 magic damage
GREEN SET
Nature's Blessings
+10 chop
+64 liferegen
CYAN SET
Ancient Ghost
+100 critical
+32 cleave
RED SET
Demon's Black King
+64 deathstrike
+10 lifesteal
Special note: the in-game description for the red armor accidentally mislabels deathstrike as 10 and lifesteal as 64. Also, there is at least one piece of black equipment in the game, the sword of 10,000 cuts.
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