The standard version is indeed superior, and I say as much in my handbook (noting that to say that this isn't a new observation). But, as phaedrusxy says, you might eventually hit a point when the AC boost is worth more than the spell cost difference, and you may just really care about AC. I dunno why you'd assume that abjurant champions are the majority of casters of the spell, however. It's probably the best armor spell out there, so most good prepared casters are going to be hitting themselves with it. Maybe not clerics, because they have good armor proficiencies, but druids, normal wizards, and healers, as well as maybe some of the slower casters like adept and ranger make good use of it. Sure, abjurant champions want it more, but it's not like the spell was at all below the threshold of a spell being worthwhile. And, with that in mind, while the greater version might be relatively inefficient, it's not quite as inefficient as you claim most of the time.