Kang has been a thorn in the heroes of Marvel's sides since 1964 and he has done so in a way that few other villains have managed. So intelligent is Kang that Doctor Doom himself (yes, arrogant, self-obsessed, smug Doctor Doom) has even admitted that the technology Kang has created surpasses his own. It's no surprise though, really, as Kang is from the distant future in an alternate timeline to the main 616 universe - where he is related to both the Reed Richards and Victor Von Doom of that timeline - where technology and humans alike have evolved. As such, Kang's armour contains an insane amount of advanced technology that enables him to simulate a number of incredible superpowers. He possesses superb durability, as his armour is made from alloys found in the 40th century, which enables him to take shots from Thors hammer Mjolnir (even when Thor is in his far more powerful Warrior Madness mode). The armour also lets Kang survive in space and enables him to survive the harsh conditions of re-entry.
The armour is also capable of shape-shifting, can control magnetic fields, can absorb knowledge, can fire extremely powerful energy blasts, can manipulate various different kinds of energy (including magic), can project holograms and can also erect force-fields.
It also contains in-built time powers that enable Kang to time travel, completely freeze time or dump an opponent in a different time at any given moment. It has basic flight capabilities, a teleportation device built into it and telepathy proofing against mind-attacks or psionic probing (displayed at such times like when it prevented Mantis from probing his mind).
On a less impressive note, the armour also contains a thirty day supply of air and food.