The suit is a new amalgam of several bulletproof vest metals and science fiction that gives him extra strength. The helmet/faceplate thing looks ridiculous....and the thing that ticked me off about it (other than being nothing like the traditional suit) is that because it's bulletproof, he walks calmly without trying to dodge right into automatic gun fire. Now remember this....the lower half of his face is absolutely exposed like Batman's is....but he doesn't bow his head so that bullets would bounce off of his bulletproof helmet or attempt to protect his face in any way whatsoever....he just walks slowly toward guys shooting machineguns at him with his head held high (someone needs to tell him that jaws can and will be blown off).
I know many people say that the traditional Phantom suit isn't great on film...I say look at Zane's movie, the suit was fantastic. They could have updated it some to modern day times...but they just invented some hokey looking Batman Begins suit without the cape.