Here's the effect for Revenant from Kam, pretty long explanation.
Every turn you spend in the armour, you gain a charge, this charge is worth 5% Melee, normal value for an armour MC. Every turn you're assumed to lose 5% of your HP, so a monster attack that's worth 140% Melee is = 5% HP. Each charge is thus worth (5/5/1.4)% (5/20/1.4)% of your max HP, or a bit over 0.18%. It takes 56 charges to reach 10% HP, so that's the max # of charges the armour can hold. This DOES carry across battles, and even works if you swap armours, but this poofs if you log out.
If an attack brings you to 0 HP and you're in the armour, you'll be healed based on the # of charges, minus the amount of any "overkill" damage. AKA if you have 5 HP and take 25 damage, and are at a full 56 charges, then you'll be healed to 10% of your max HP, minus 20 HP due to the overkill.
At the start of your turn after this effect triggers, you get put into a skeleton form. This skeleton form can't store charges, but it changes to dealing +5% damage with weapon attacks/specials/spells (/0.75 for Magic weapons and /2 for spells). You also will switch to the +5% damage if you're in the armour's normal state and are at max charges. Once you've been put into the Mr Bones form, that's the form the armour will be for the remainder of the battle (you can still swap to other armours, but if you re-equip the Revenant armour, it'll just start in the Mr Bones form). You'll return to the normal form at the start of the next battle.
We were hoping to hear from Kam about any changes since we gave him a lot of feedback that he asked for.