It constantly sounds like I have change in my pocket while I run around. This is incredibly jarring when everything is very quiet and serene. As it stands, the noise just has a static repeat timing independent of anything going on with your character, so it just sounds really out of place.
If I switch to my town clothes, take them off, then switch back to my armor, it goes away. The jingle comes back if I die, zone, swap weapon, fall into the water etc.
It makes it very annoying to wear these very awesomely designed armor skins. I also believe it is not race specific, as I am an Asuran, but I have read of other races (Norn) having the same issue.