Demigod stats with superior toughness, willpower, and recuperation+at least a couple points in armour, dodge, fighter, swimmer, thrower, and a high weapon skill.
A peasant or hero benefits most from the followers he gets rather than whatever armor he gets from the first quest (if any). At low levels of toughness you pass out too easily and if you don't have a meatshield you will be the sole target of multiple attackers which is pretty much guaranteed death with the new combat system. As a demigod I played through a long and brutal solo campagin as a test using only a bronze breastplate which led to an annoying amount of scars (It should just say your whole body is an unrecognizable mess of scars instead of pages of scars and dents) and I ended the game as a pincushion because I refused to pull out all the stuff people left in my body. Still I managed to get very far by myself, though I had a few close calls due to my unarmored head. I fought all my battles by running backwards and separating the enemy from their limbs whenever one of them gets close (with a sword it was easy as almost all my attacks took off a limb). I wasn't ever injured in the chest up to my death which was when I was surrounded by about 20 goblins and got hacked to bits.
imo all armor is important because not only does it protect you from bleeding out in an ambush from nicks and bites it also protects various vital functions that are important to every adventurer. An injury to the leg will not only prevent you from running it will impair your ability to fight as well (carry around crutches?). Not to mention it also protects you from nervous and spinal injuries that are irreparable. The downside of armor is it's annoying if you wanna play as one armed spear user or a paraplegic monk.