According to this forum article , Valkyrie spawns with the following equipment dependent on level:
- Slvl 1 : Full plate mail and Spear (mod1 = 6)
- Slvl 2 : adds Heavy gloves (mod1 = 4)
- Slvl 4 : adds Heavy Boots (mod1 = 4)
- Slvl 5 : adds Heavy Belt (mod1 = 4)
- Slvl 7 : upgrades Full Plate Mail to Chaos Armor (mod1 = 6)
- Slvl 8 : upgrades Spear to Lance (mod1 = 6)
- Slvl 10: upgrades Heavy Gloves to War Gauntlets (mod1 = 4)
- Slvl 11: upgrades Heavy Boots to War Boots (mod1 = 4)
- Slvl 12: upgrades Heavy Belt to War Belt (mod1 = 4)
- Slvl 13: adds Amulet (mod1 = 4)
- Slvl 14: adds Circlet (mod1 = 4)
- Slvl 16: replaces Chaos Armor with Sacred Armor (mod1 = 6)
- Slvl 17: replaces Lance with War Pike (mod1 = 6)
- Slvl 19: upgrades War Gauntlets to Crusader Gauntlets (mod1 = 6)
- Slvl 21: upgrades War Boots to Mirrored Boots (mod1 = 6)
- Slvl 23: upgrades War Belt to Colussus Girdle (mod1 = 6)
- Slvl 25: changes mod1 for amulet from 4 to 6
- Slvl 27: upgrades Circlet to Tiara (mod1 = 6)
(Mod1 = 4) Is a Magic item. (Mod1 = 6) is a Rare item.
The ilvl of these items is based on the formula 25 + 3 per level.
I'd add this to the main page but I can't find any canonical source. Anyway, the various mods on her kit explains the likely strange effects sometimes visible.
This guide  also has the above table and some more details on distinguishing colours:
- Light-Gold Armor - normal, no enhanced mods other than + light radius.
- Dark Gold Armor - 24% Faster Hit Recovery
- Pale Gold Armor - 66-80% Enhanced Defense (saintly)
- Orange Armor - Attacker Takes Damage of 4-6
- White Armor - +x defense based upon the slvl of your valk, and the clvl of your character.
- Blue Armor - chance to cast Frost Nova/Nova on being struck.
- Dark Red Armor - Poison length reduced by 75%.
- Red Armor - Think of this as 'of the <animal>' armor. Huge +life bonus, and almost a double regen rate. This is the ideal.
Valk Weapon Colors
- Blue - Chance to deal cold damage. Potential use of a cold skill on striking.
- Teal - Chance to deal lightning damage. Potential use of a lightning skill on striking.
- Green - Chance to deal poison damage.
- Black - Enhanced damage modifier. Life leech is also a possibility.
- White - Large bonus to AR. Think "of the fool's."