Ornate Chestplate
(Arm: 16, shielding +3, protection physical +8%).
It can only be wielded properly by knights of level 200 or higher.
It weighs 156.00 oz.
Imbuement Slots: 2
Falcon Plate
(Arm: 18, shielding +4, protection physical +12%).
It can only be wielded properly by knights of level 300 or higher.
It weighs 188.00 oz. Imbuement Slots: 2
We are going use a Claw of 'The Noxius Spawn' for testing. It ALWAYS deal 200 physical base damage whenever you wear it.
With Ornate Chestplate:
Min. Damage: 169
Max. Damage: 176
(Around 24-31 damage reduced)
Average: 27,5
With Falcon Plate Equiped:
Min. Damage: 159
Max. Damage: 167
(Around 33-41 damage reduced)
Average: 37
So the average damage reduction diff between the two is 9,5. So the difference is +4,75% more protection with the Falcon Plate.
Using formulas provided by tibia.wikia.com for damage reduction:
Minimum damage reduction = totalArmor * 0.475
Maximum damage reduction = totalArmor * 0.95 - 1
Ornate Chestplate:
Min: 7,6 / Max: 14,2
8% of 200 damage = 16
Min: 23,6 / 30,2
Falcon Plate:
Min: 8,55 / 16,1 without 2%
12% of 200 damage = 24
Min: 32,55 / 40,1
Look really close of number with the test using Claw of 'The Noxius Spawn'. At the end the Falcon Plate is better, but cost really more than Ornate Chest Plate.