To me, at this stage, I think the colour scheme and outline of the suit is even more important to achieving a decent "translation" of its comic book origins than the materials from which it might be made.
Materials are obviously important, but I think my views on them could be summarized as "rubber or leather look stupid and don't work". Sculpted rubber was somewhat successful in the Burton movies were it was supposed to represent rigid, sculpted plate. In the Nolan movies, it is supposed to represent both rigid armour and flexible fabric simultaneously, with disastrous results: the "rigid" plates buckle, and the "flexible" areas aren't very flexible. Rubber has been surpassed as the material of choice for superhero costumes, and Batman now looks outdated due to its continuing use in TDKR.
But that is not to say that it cannot be useful, when used to form rigid, sculpted areas that are intended to appear as such. Most importantly, the silhouette of the cowl, the way in which the mask clings to the face, and the shape of the neck are probably best realized in sculpted rubber or leather. I think the shape of the ears, head, neck, shoulders and cape are the key to the whole design. Nobody really cares much about what lies beneath (apart from the batsymbol, but that is a new can of worms); the Batman Begins suit with a better cowl and a large, black cape that drapes around the body, would seem like a better interpretation of the costume.
This is a really crude depiction of the essentials of the Batman image, to me:
Obviously, that can be tweaked significantly- I am among the few fans of a blue-and-grey scheme, and I like the oval- but the essential motif is unchanged. Two things are key to getting it right:
1) The silhouette, particularly around the shoulders, the cowl and the flowing cape.
2) Colour blocking. It can be blue and grey or black and grey, or dark grey and light grey; but the contrast it what makes the design effective. Obviously, this is especially true of the chest emblem: there is not point having an emblem that no one can see.
If you fudge the silhouette, or mute the contrast in shade, then the design falls apart. The TDK batsuit is a mess, but people would notice the horrors of the jigsaw legs or the bra much less if the cowl, symbol and cape were of a better cut and silhouette, and contrasted well with the grey body suit. As it stands, the most striking thing about the TDK/R batsuit are its faults, because there is little about it that otherwise attracts the eye. In a perfect world, you would obviously get rid of the ugly and busy geometric migraine anyway.
Here are a string of designs that alter the existing Batsuits only moderately, to much better effect:
(Not my work- does anyone know whose it is?)
They are all successful in increasing the contrast and improving the silhouette.
The next Batsuit must get these fundamentals right before anything else. Then the perfect, pad-and-fabric bodysuit can be designed!