Don't get me wrong, it'd be cool to slot +4 Dodge on my Redscale Robe. But 99% of the time when I'm looking for AC I'm fighting fire-immune stuff anyway. It really wouldn't matter in the case of PJ-monkeys.
I actually like AC and DPS being on a sliding scale, the more you gear for one way the more you lose for the other. This would, if Turbine got less stupid with the to-hits in epic, allow for a balance.