DarrkPhoenix: Mage Armor isn't going to be giving you +4 under most circumstances, only +1. This is because the spell doesn't give a straight up +4 AC, but rather gives a +1 to four different kinds of AC (natural armor, dodge, deflection, and armor enhancement). Only the dodge bonus stacks with existing bonuses, and most characters will already have at least +1 from natural armor, deflection, and armor enhancement (and you can be certain any melee character will have far more than that). Also, as urknighterrant mentioned, you're neglecting a shield bonus, which will be at least +2 (if the mage is using a light shield, although that provides a 5% spell failure penalty), and more likely +3. The stat issue is also something that definitely shouldn't be neglected- to get that 16 dex the mage will have to sacrifice other stats and what they affect, whether it's Int (spellcasting), Con (health), Cha (social skills, or spellcasting if you're playing sorcerer), or Wis (will saves). You could try to get extra dex from gear, but then you're sacrificing gear slots that could be used for something else. And that's another thing to consider- a melee character's gear will be optimized for boosting AC (among other things); for a spellcaster to do that same kind of optimization means sacrificing gear slots that could be used for other things (such as bonus spell slots). Ultimately a (arcane) spellcaster just isn't going to be able to get the same kind of AC as a melee focused character, and even trying to get close will decrease their effectiveness as a spellcaster.
I'm not disagreeing here, because I also feel that there's just no way a pure spellcaster is going to have the same AC as an armored melee character (at least not without sacrificing a lot), but there are a few points that I think may have been overlooked:
Shield: this can be somewhat compensated with the mage spell
Shield, which gives +4 shield AC to the character. This still doesn't fully compete with a highly enchanted shield though.
Sacrificing stats: A WIZ/SOR can afford to sacrifice WIS, since Will is the high save for the character.
The FTR/Mage: taking a level of FTR to create a FTR/Mage can be viable. You do lose a fair bit in the BAB department, but there are ways to compensate for that and raise your AB through gear and spells. You still won't be as effective as a pure melee character (one big reasn being because you don't get as many extra attacks as a pure melee build due to the lower BAB - and the extra ones you do get are gained at later levels), but you're a hybrid and the advantage of having spells to combine with a melee presence can offset this to a great degree. And there's also the
Still Spell feat, which will allow you to be an armored mage (or melee mage), which then gets you in the same AC category as a pure melee character. Of course, this means your spells are cast one level higher than normal, and combined with the loss of caster progression from dipping into other classes (such as FTR) to get their benefits, it means your spellcasting isn't as effective as a pure caster. But then, you're not a pure caster and that's not how you'd be playing this character. Of note: This delay in casting progression is even more painful for a Sorcerer since they're already a level behind a Wizard with respect to casting progression.
In the end, the FTR/Mage isn't going to be as effective in melee as a pure melee character nor is it going to be nearly as effective at spell slinging as a pure caster. But it's possible to create one that's effective, can wear armor to get the same or very similar AC to a pure melee build, can still cast an array of both offensive and defensive spells, and can be quite viable as a character build.
Just my two cents.