Armor enchantments come in six flavors- though one of them is only available on footwear, and two are helmet-only. Additionally, the four Protection enchantments are exclusive- a piece of armor with one of them will not have any of the others. Considering that pants and chest armor cannot have enchantments other than Protection, this means that you want to have an Enchantment Table with few bookshelves near it as a secondary enchanting place, so you can spend lower amounts of experience on enchanting your non-helmet armor and both save experience and get more frequent Feather Fall/Protection enchantment combinations on your boots.
The Protection enchantments effectively add a given worth of ‘armor shirts’ to your damage reduction. In the case of the Protection enchantment itself, this includes the damage dealt to you that has already been reduced by armor you’re wearing. In all cases, this protection is 3/5/7/11 half-shirts of value, at corresponding enchantment levels I/II/III/IV. Feather Fall has different values, Respiration doesn’t reduce damage, and Aqua Affinity only has one level in the first place (and doesn’t reduce damage).
Protection: Armor with this enchantment will protect you against damage that armor normally doesn’t affect- in fact, all damage that is not dealt by a: falling into the void or b: your server admin using the /kill command.
Fire Protection: This armor protects you from fire damage as well as attack damage.
Feather Fall (Boots Only): This armor provides twice as much protection against falling damage as a Protection enchantment would.
Blast Protection: This armor protects you from explosion damage (creepers, TNT, etc.)
Projectile Protection: This armor protects you from projectiles (arrows, the impact of a ghast fireball but not the fire, etc.)
Respiration (Helmets Only): This helmet protects you from drowning, extending your air meter by 15 seconds per level, and the time between hits of drowning/suffocation damage by one second per level.
Aqua Affinity (Helmets Only): You mine more quickly while underwater.