The trade-off is itself dependent on the scenario.

Keep in mind the very much varying kill share of fragments and bullets. The fashionable hard body armour plates would probably be much inferior to a greater soft body armour coverage in more fragmentation-dominated scenarios.

Again, a topic where small war experience might lead to horrible long-term misunderstandings.
The Russian Permyachka kit is so far the only almost full coverage soft body armour known to me (excluding bulky EOD equipment, of course). There are probably dozens in existence, but they don't get even nearly the desirable attention because of the hard body armour frenzy of 2003 - ~2006.

MILITARY PROTECTIVE KIT (MPK) "PERMYACHKA"

In most armies in the world of modern means of body armor - helmet and flak jacket, and their total area of protection does not exceed 30 - 35% body surface area, thus remain unprotected limbs and face of the soldier. At the same time, statistical analysis of the causes of losses among military personnel during combat operations in modern conditions has shown that over 75% of them are on ballistic injuries, 80% of which are caused by the impact of fragments of shells, mines and grenades, more than half of these injuries have on the upper and lower limbs. These facts provide irrefutable evidence of the lack of protection, a fighter, equipped with a bulletproof jacket and traditional helmet. To address the comprehensive protection of a military personnel company "Kirisa" in conjunction with leading scientists and specialists of the Ministry of Defense developed MPK "Permyachka." This outfit a soldier of the XXI century is made of aramid materials, and provides a circular ballistic protection not less than 80% body surface area from low-speed fragments as well as protection against short-term exposure to open flame. The basis of the suit, depending on your choice of usage, make overalls or protective jacket and trousers. Torso of a soldier is protected by a more reliable light fragmentation vest, to protect vital organs from damage by bullets of small arms bullet-proof vest reinforced steel or ceramic armor, the other elements of the ballistic protection, part of a package - helmet and protective mask. In addition to the ballistic-protected equipment, set "Permyachka" incorporates elements of the camoflage (for summer and winter conditions), vest designed for easy placement of the weapons, ammunition and other items of equipment, raid backpack, etc. - a total of 20 items. Using the MPK in the military units of Joint Military Group that conduct counterterrorism operations in the North Caucasus region of Russia confirms its effectiveness at protecting personnel and high ergonomics; According to the participants of tests, the use of MPK preserves ability to fight and the life of a real soldier in combat conditions.