Mathematically, I agree with Lormyr mostly. But I think pointing at Armor is a red herring. Its better to say that under the new system SOMETHING will often be useless to you. Once you have hit your 2 Edge limit per action, any additional factors at play gain you no extra benefit. That could be armor, but it could just as easily be a spell, or an ability, or an advantage in the fiction, or some gear advantage. Armor stands out because it was "moved" from one category to another in the change of editions (from dice source to factor that gives out Edge), but I think that is a bit of a distraction from the real issue. (I call it "issue" instead of "problem" because not everyone will agree it is problematic.)
For example, if the rules said that you can always gain up to 1 Edge from AR/DR, 1 Edge from situation, and 1 Edge from gear, and 1 Edge from Edge-giving qualities, the argument that Armor "does nothing" would be undercut. The AR/DR mechanics would no longer be "competing" with the other Edge sources. Of course, 4 Edge per action would probably be crazy, but the point is that the issue is the "competition" among the Edge sources that is the underlying problem, not the Armor per se.
I personally think integrating Armor into the AR/DR mechanic was a mistake. But I think the bigger mistake was making AR/DR a complicated numerical system that has to be compared (with a 4 step threshold even) to decide whether a single point of Edge is granted or not. Its all just too much stuff to end up boiling down like that. There is all this conceptual weight around that system, columns dedicated to it in the weapons tables, multiple modifications to it in rules all over the place, and then...if you get 2 Edge from some other source it was all pointless.
All those numbers should have been made more meaningful (e.g. adding to dice pools as they seem to have done in previous editions) or jettisoned completely and left to some kind of simple GM check on who has the superior position to award 1 Edge. As it is, for me at least it feels like the worst of all possible worlds.