as already mentioned, your armor will absorb more damage, as bigger the incoming hits are (the percentage stays the same, but all the numbers are bigger). block value reduces blocked hits by a fixed amount and absorbs a higher percentage of damage the smaller the hits are.
furthermore, armor is applied to physical attacks all the time, regardless if the attack is blocked or not.
once you reached the block cap (102.4% after DR), you should be able to block or avoid every incoming attack, giving your BV a 100% efficiency in terms of mitigation.
BV is also a threat stat, since we got our very own shield slam.
to put it in a nutshell, you can't compare both directly, since it depends on the mobs you are tanking and your gear.
I for myself rate BV quite high. I try to reach the block cap as soon as possible. armor is very important, but since items with the same item level appear to have the same amount of armor it doesn't matter.. we will get that amount of armor regardless if we take item A or item B. the only items that have different values are certain trinkets, cloaks and rings.
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