No part is missing or heavly damaged (red marked in the HUD) ~ Immunity to radition(optional), acid, poison and fire, while your Power Armor is in a good state. Creatures like Deathclaw will still piece through your armor, but you will take less damage, while your power is fully functional. You will absorb the damage of 1h and 2h attacks by Raiders and Super Mutants.
When one bodypart breaks, you become vulnerable to explosives. ~ Explosives will also be absorbed while you are fully covered by your power armor. If you get shot at the torso, you will still take no damage. For example, when your left arm of your power armor breaks, only your left arm can take damage. – When a power armor part breaks this bodypart will become vulnerable and only this bodypart, all other bodyparts that are still covered, will take no damage.
– While no armor part is broken you literally take no damage.
~ Each power armor part covers a specific bodypart and will fully absorb the damage that the bodypart receives from the sources ballistic and laser weapon types. This is a small effective overhaul of the Power Armor.