Wicked seems to have covered everything.
Basically, when you cast enchant armor, you either add magical protection, willpower, fortitude, reflex, or magical resistance. There is also a chance of fading or exploding an item which increases as more enchantments are added to the piece.
Magical protection decreases the damage done by all damage spells except magma. This means that spells like fireball, acid blast, or harm hurt less the more magical protection is on your armor and jewelery. MP also helps out with melee, when it is on your actual armor pieces, increasing the AC of that piece of armor.
Willpower increases your chances of resisting spells like charm and sleep. A combination of your wisdom and your willpower is checked against the caster's spellpower (art).
Reflex increases your chances of resisting spells like fireball, acid blast or chain lightning. These are spells you could avoid by jumping out of the way. A combination of your dexterity and your reflex is checked against the art of the caster.
Fortitude increases your chances of resisting spells that attack the physical health of your character. This includes maledictions, such as blindness, deafness and poison, as well as finger of death and petrification. A combination of your constitution and your fortitude is checked against the art of the caster.
Magical resistance makes you resist just about every type of spell there is. Exceptions include magma spray, because it is special, as well as certain spells that you can only cast on yourself. Even with 80+mr, I never resisted casting detect invis, or resisted word of recall when quaffing. MR is most popular among necromancers.
No matter how much you enchant your suit, there is still a chance of spells hitting you, but you can make it very unlikely for someone to have success against you with spells.
Harm does not have a save, but its damage can be limited by having a lot of magical protection, combined with the shield spell (which increases your overall MP).
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