I had much the same question myself... I believe I've figured it out for the most part (although it still may be a bit inacurate.)
Let's take, for example, the
Badger Pelt Bracers These bracers are "Very Light Armor" with a required skill of 40 and a recommended of 70.
Open your main menu then your "Skills" menu. In that menu, you should see a skill for "Very Light Armor". The first number is what yours is, and the second is what the possible is for your level. As far as I know, for armour, those numbers will always be the same. The two numbers you want to compare is the first number in the skills menu (let's say yours is 46/46, so you'd take the first number there; 46) and compare it with the required skill of the armour; 40.
Since your number is higher than the required skill number, then you can equip the armour, although it won't be at full power till your skill reaches 70.
Anyone want to back me up on this?