As you can see in my set vs Sub Zero, I absorb the clone and instantly stance change to get the armour back, he runs in and thinks the armour is gone, I absorb the next hit and punish him. I do this about 3 times in the set where it was appropriate.
I obviously experiment with it vs Erron Black next, but it doesn't really serve the same purpose against him as his sand grenade is slow and he ran in with it, which will obviously chew me up.
The most effective use seems to be doing it after a fast projectile and then recharging the armour when they think they can run in to negate the armour they think is recharging.