From DocGKR, one of the top authorities on body armor:
DISCUSSION:
When looking at hard body armor, end-users need to assess what threats they anticipate, their operational environment, as well as mobility needs.
For OCONUS military and para-military settings, level IV plates capable of stopping AP rounds may be a critical requirement. For the typical LE officer within CONUS, it is highly unusual to be confronted by opponents using AP ammo; it is much more likely to be hit with FMJ and hunting rounds from rifles in calibers from .223 to .30-06, as well as 12 ga. shotguns. Thus, multi-hit capable level III plates are a good choice.
Currently there are four main options for level III plates:
5-6 mm AR500/R50c steel plates: Level III steel plates offer a very thin profile, but are a bit heavier (6.5-7.5 lbs for a 10x12 plate) than some other options. They are very durable and offer inexpensive closely spaced multi-hit capability against non-AP 7.62 x 39 mm and 7.62 x 51 mm, as well as for slower 5.56 mm loads. Many of the lightweight (55 gr or less), hot loaded 5.56 mm loads will zip right through steel plates. It is a VERY good idea to wear level IIIa soft armor underneath steel plates.
Hard compressed polyethelene (Dyneema/Spectra) plates: These are very lightweight (3-4 lbs for a 10 x 12 plate) multi-hit capable level III plates that will stop the hot loaded, lightweight 5.56 mm ammo that defeats steel, along with the 7.62 mm threats stopped by steel. Unfortunately, they are often perforated by current military issue 5.56 mm 62 gr M855 FMJ "green-tip" ammunition. Most compressed polyethelene plates are best worn in conjunction with soft level IIIa armor underneath.
Hybrid plates: These combine several non-ceramic materials, for example both steel and hard polyethelene layers, and appear to offer the best protection of any current level III plates. They are very durable and stop multiple closely spaced hits of almost all non-AP ammo, including high velocity 5.56 mm threats, as well as M855; however they are a bit heavier (7.5 lbs for a 10 x 12 plate) than some plates. These are NIJ stand-alone capable, so soft armor is not required underneath.
Ceramic plates: These plates are relatively lightweight (4-6 lbs for a 10 x 12 plate) for the protection provided, but are often more expensive, can be more susceptible to damage in day-to-day use, and usually cannot withstand as many closely spaced hits as other plate types. Ceramic plates need to be x-rayed each year to ensure that hidden cracks are not present. Ceramic plates are available in both in-conjunction and stand-alone configurations. Note that almost all level IV plates use ceramic elements in order to stop AP rounds.