Considering that list of armours only over two movies, then yeah, some people may see that as too much. One of the more common criticisms I've seen about IM2 was that it was just another lame armour on armour fight and many have expressed not wanting to see the same for this one. So it would seem that many aren't that keen on too many armours (though I can only imagine how some may react if the Chinese heroes are confirmed to have armours and when all the villains are revealed for this movie).
Plus as I've said before, giving Pepper her own armour is a cheap way out of danger and changes the nature of her character, she is fine the way she is, there's no need to ruin that. Not to mention if you're going to give Tony's love interest her own suit of armour because he wants to protect those close to him, then it opens up the possibility of Happy Hogan or anyone else close to Tony getting their own armour.