The way I see it "repair all armor" or "restore 1 blood" sound like consumable items. The sort of stuff I've seen before (bear in mind: that I've seen before) that make sense for permanent items are:
Resists per rest
Skills per rest
Wards with time limits per rest
Attributes per rest
I can't tell which is more likely and of course it's tough to anticipate stuff that you haven't seen before, so I'm aware that the in game effects of armor could be something I never even imagined. So I'm just getting excited for it like a kid at Christmas! But secret christmas where you NEVER KNOW when it's going to strike.