I don't like the heavily armored design either, and the master assassin outfit from AC2 was really pushing it.
People (and apparently Ubisoft too) seem to have forgotten that the original outfit worn by Altair was designed around the need for him to blend in with groups of scholars and monks (the NPCs wearing white robes). That made complete sense.
Fast forward to AC2 and Ezio wears a derivative version of Altair's original outfit even though during his Renaissance Italy era there weren't any scholars or monks adorned in white garments. It doesn't make as much sense, but it was cool to see Ezio wear something similar to Altair so I didn't mind. But when he started wearing heavy armor and multicolored clothing, it became ludicrous. He stands out beyond what my belief can suspend, especially considering that he's supposed to be an agile Renaissance-era Ninja running and leaping across rooftops.
Granted, I liked the outfit advancement system from AC2, but When it comes to collectibles, only the standard white outfit works for me.