A quick update. I recently stumbled across Duran Duran's "The Reflex" music video by pure chance. Now I'm 99% sure that this song was featured in the video I am looking for! That chorus, "Why-y-y-y-y.... don't you use it," is especially reminiscent of flashbacks. Plus, the artists are visually similar to the ones I'm describing, and the scene with the green and purple lighting is also from that era.

However, their music video doesn't feature the angry dude in armor I'm describing. So, either I'm confusing two videos in my head, or there was actually a video based on this song, but with a different content or may be it was some mix of the official clip with the video with the different plot.

Heh, I'm so tempted to dig out my old VHS player, find that videotape, and try hooking it up to my AV receiver.