I was playing the new 1.5 update and created a Redstone superflat in creative. I tested the dispenser armor update by putting four dispensers 1 block apart with tripwire underneath, the tripwire turned on redstone behind the dispenser causing the dispenser to activate. When i ran though.

I was expecting to wear a full suit of diamond armor when i walked though, the armor would be equipped by the dispenser.

What happened when i went through was my player was wearing leggings and boots. I went into my inventory to fetch the items and i saw my chestplate in the leggings slot and leggings in my boots spot.

Steps to Reproduce:
1. Set up Dispensers one block apart, tripwires below that lead to a block behind the dispenser and redstone above that block to power it

Redstone=R
Tripwire Hook=H
Block=B
String=W
Dispenser=D
R D B
B H W H B

2. Put different Armor into the dispensers. Boots wont work because there is no slot below it.

3. Walk through, be sure you aren't past it before it can equip the item. Gamemode doesn't matter

4. You should be wearing the armor that belongs directly below it. Ex: Equips Chestplate, player is wearing pants.

5. Check inventory