I'm assuming that armor will be purely cosmetic. The weapons, however, I think will be totally customizable from a cosmetic standpoint (colors), and that will not have an effect; But, I think we will be able to add attachments and mods to our weapons that modify how the weapon performs so we can build our gear to to suit our playstyle. As far as "more strength" as you phrased it, I think we will be able to get "Skill Points" when we level up, so we can customize our health, "mana", and powers to our liking.