[Varyon]

Offhand, I'd say that it would perform comparably to Solid or Plate construction (going off of the Armor Design Pyramid articles) against Burning, Crushing, and Cutting attacks. Impaling attacks, however, are going to slip right between plates, being resisted only by the connecting wire, which is functionally very light mail. That won't always happen, of course, but will be a common occurrence - maybe roll 1d, on a 1 or 2 it slips between, on a 3 or 4 it glances first (use average of the DR of the plates and wire), and on a 5 or 6 it solidly hits the plates. Piercing I'm not certain about - I don't think the bullets will be able to slip between the cracks, but maybe I'm mistaken.

The trade-off for this is that you end up with armor that combines all the best aspects of flexible and rigid construction. Going with a hex-grid design, or just offsetting the squares of every other row, might also serve to get rid of the vulnerability against Impaling attacks.