[Angelic Raiment]
Individual item rundown:

• The Angelic Sickle is okay.  Having 250% damage to anything is is great, but in this case it's to undead, and with a sword, more than matching the 150% damage to the undead that blunt weapons do. The Attack Rating bonus helps as well, but this sword wouldn't be of much use against anything that wasn't undead.  This is about the most commonly-found Set Item in the beta.
• The Angelic Halo has an enormous pair of life bonuses on it, both in regeneration and straight +.  An incredible item for a hardcore character in the beta.
• The Angelic Wings are very nice for mana boosting, with a massive 20% of damage taken going to mana.
• The Angelic Mantle is excellent Defense for Ringmail, but the magical properties of it are pretty mediocre.

Set items in Diablo II appear to all use normal item graphics, some with a palette shift.  Unknown if there will be any custom graphics for them in the final, or if this is it.  Jewelry is randomly-determined, from the types that can be found in the beta.

• Set items use normal item graphics, usually with some sort of hue-shift.
• All Set Items in Diablo II have a Clvl requirement that is (apparently) the same for every item in the set.  These numbers have been modified during the beta, and may change again before the final.  The requirement to equip items in this set is Character Level 12.