Since your avatar is a trojan, I assume you are talking about a trojan armor at max level. The difference between super defense and elite defense is 127 points, I am also assuming that the damage system in CO is done by a attack - defense with minimal damage, I am also assuming that you are fighting lvl 120 minotaurs, which has 2328 maximum attack. Taking that into question, I also believe that the blessed attribute activates 100% of the time(not confirmed.... yet), the animation is random. Therefore -5% of 2328 gives you 111.6 attack reduced, whereas the super item gets a 127 armor boost, because of the fact that I used one of the strongest monster in the game's MAXIMUM attack, and the super armor still gives a better boost, I will factor in the rest, therefore being able to state that under normal circumstances, againest a monster, the super item will be better. But this is different for pvp, for players can assume a maximum damage of approximately 8000, by taking the 5% of 8000, which is 400 damage, the difference in the ability to increase defense and absorb damage has significantly increased, making the blessed elite much better than the super.
From the two statements I have made above, I can conclude that againest monsters, the super armor is better, but againest players(trojans) who have super clubs(dealing maximum damage with 2 super club with no dragon gems and no +), it is much better to use the blessed item, even if I do factor in the SDG counts, atleast 60% damage increase within the 4 sockets of 2 clubs(assumed), the effectiveness of the blessed -5% damage attribute becomes much more significant.
Overall, since I am assuming you are a maxed level trojan or very high level, you will be pking alot, the blessed armor is much better than the super armor.
<hr>Append on May 9 2007, 06:00<hr> Even if what nickel said is true, the activation of the blessed effect is random, then taking in the circumstances of you being high leveled and pks alot, the effectiveness of the blessed item will still triumph.