Short answer:Armory gives you excellent protection against malware on your computer,
if you use an offline computer for that purpose only. It is also a highly convenient way to have a secure wallet and still be able to access the bitcoins.
Armory gives you excellent protection against accidentally losing your bitcoins due to forgotten passwords, hardware failure, fire in the house, etc, but only
if you use the paper backup option. In particular, I recommend the N-of-M paper backup. For example a 2-of-3, where you print three paper backups and place them in three different, reasonably secure places. Any two of them are sufficient to recover the funds, but one alone cannot do it, so a thief getting hold of one of them will not help him.
Offline wallet setup:
* A computer with significant disk space, connected to the internet, running Armory. This computer only has a watch-only version of the wallet. It can generate unsigned transactions, but cannot sign them for the bitcoin network.
* An offline computer, even an old or tiny one will do, with
no internet access. It is running Armory in offline mode (needs very few resources). This computer holds the real wallet. It cannot generate transactions because it does not have access to the blockchain, so it does not know which bitcoins you own. But it
can sign transactions generated by the online computer.
Long answer:https://bitcoinarmory.com/about/using-our-wallet/
