One of the reasons why the knee and elbow "cops" in pre-1400s armour were redesigned with "fans" or other projections to cover the sides of the joints. (Safety standards for modern re-enactment groups, like the Society for Creative Anachronism, generally insist on this kind of thing even if it compromises the "authenticity" of a combatant's costume.) I noticed that some troops seem to be wearing articulated hardshell knee-pads, though this is probably more for working in rough, rocky terrain than as real battle armour.
Agree with you that armour plates (especially if they're smaller, and contoured to be less cumbersome) are still going to be favoured into the future, to provide some rigid protection -- especially on the torso. As in the Wisby plate coats from the medieval era -- some of the same principles were used for flak jackets.
With good articulation one can build flexible joint armour even out of rigid materials -- properly-made metal armour actually bends more than the human body, and it should be possible to use similar designs with new plastics and ceramics -- but I guess it's a question of whether the material is light and strong enough. My guess is that they could come up with limb protection that could stop the slower, smaller stuff -- but nothing is guaranteed against a 50-calibre bullet, for example. If you get hit hard enough, you could still lose the limb, regardless of soft (or even hard) armour, though of course if it saved you from bleeding to death that would be way better than the alternative.
p.s. this is one of a couple of interesting articles about injuries to extremities that were posted earlier this week
http://www.csmonitor.com/2004/0428/p06s01-woiq.htmlI don't know anything about the severity of those injuries (whether soft armour would have been helpful, etc.) -- they seem to feel the man with the shoulder wounds would have had some benefit, but that's just one case. Spaulders (and their more extensive counterpart, pauldrons) were featured on medieval plate armour to deal with this kind of problem, so it's really not much of a problem to design either hard or soft protection for that part of the body -- the wearers back didn't seem to complain about them being uncomfortable, the way they did about neck protection (gorgets and bevors), another area being looked at now.
re: the arrows stopped by the new fabric, I wonder if they were edged hunting arrows or conical (or bullet-shaped) target points? If they were the edged sort, there would be applications for knife protection. (This has been more difficult to achieve than one might think. A sharp knife can actually penetrate many kinds of bulletproof vests -- experiments with welded steel mail or tiny ceramic plates have been limited so far.)