However, in any actual MMO, the margin of victory is important. You require less healing, or you can do more damage to a second opponent before you die, or you are less likely to suffer an unexpected defeat due to randomness. Using the actual damage/second numbers, you will choose the green sword only 35.7 percent of the time, and the green armor 49 percent of the time. The final answer will be between these two situations and requires more information to calculate.
Add in "you are more likely to win despite the opponent being more skilled or having a better connection".
Note: this image does not belong to me; I found it on 4chan. It presents an interesting exercise, though, so I'm posting it here for the enjoyment of the Less Wrong community.
For the sake of this thought experiment, assume that all characters have the same amount of HP, which is sufficiently large that random effects can be treated as being equal to their expected values. There are no NPC monsters, critical hits, or other mechanics; gameplay consists of two PCs getting into a duel, and fighting until one or the other loses. The winner is fully healed afterwards.
Which sword and armor combination do you choose, and why?