Most people hit on the major topics quite well here. If you're in combat, and are a seasoned warrior... you won't "jiggle" much. Have jiggle physics, sure. But some anime stylized mmo's are just painful to look at. I figure those designing the game will make it somewhere in between. A mild amount of jiggling. (enough to appease the player, but not enough to be a jiggle based game)
Combat armor doesn't show skin. (obvious reasons) Showing skin pretty much screams "shoot/claw/stab/maim here!" That trope has been beaten into the ground. Best to leave it a little more reaslistic. Sure, outfit customization can be altered as design rendering applies, but for starting outfits, I'd have no problem with everyone wearing similar, combat grade covering. (if you're character ends up an elite ninja who never gets hit. Go full kunoichi style and wear almost nothing. But you shouldn't have high level armor rating with low covering)
The last part saw a couple comment on (and agree) is yet another common trope in many games of "small girl big gun". If you're carrying heavy gear, you won't be petite. Women can be large. There are large framed (6'0+ 170lb+ ) women out there who carry more gear than some men. You WON'T see smaller framed men/women carrying a minigun. It just doesn't happen. Fantasy applies, and sure you can go with "the suit's servos help lighten the weight" but I'd rather see some of these tropes get less screen time. It's kinda played out at this point.