I think this more than proves and disproves various arguments about the batsuit, how it would look on film, and rather or not certain ideas are possible. Personally, I would give these guys the big bucks and say have at it, make a batman movie.
However, as a Batman fan, I have been progressively working on various incarnation of my own personal suit over the years. My most recent is this one.
For more information and how I made the suit, go here.
You'll have to look past the issues my weight creates, but this suit incorporates some of the ideas discussed in this thread, it is entirely cloth, but given and armored appearance (although I am not completely happy with various portions of it). It uses a cloth cape that has a leathery/felt appearance, and stays true to the time honored Batman, but is all black. I am eventually going to give this another shot, making adjustments here and there to improve the final product, but until then, this is it.