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Edit:
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at least the armor set looks cool and has nice effects.
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What are the effects you talk about? The set looks nice, but I don't see any effects. The set from last league has unique footsteps and makes your life bar/flask purple which is cool, but the current set is a bit boring in comparison.
Watch the video they released on their youtube about the challenge rewards, each armor piece has its own effect. The main cool ones are the one that changes the trading UI for both you and the other person when you initiate a trade and the boots that track how many times you've traded.
LOL, ok. No wonder I hadn't notice, since I'm on SSF. I'll look at the video I guess.
Edit: Looked at the video. Looked cool, shame I'm never going to see that.