I have nothing against hack and slash games, but this is ridiculous. I grew bored of the first one in about an hour. I suppose that if you are a D&D fan it would help, but still. Just because you add lots of magic and armor doesn't mean that you can hide the fact that it is a Gauntlet clone.
I do, however, admire the thought put into it. The ability to get new armor is kind of fun. The magic system helps out every now and then. Overall, if you want some mindless fun, go for it.