I think everyone in the last two films know that Batman isn't some 'creature of the night', that he is in fact a 'nut in a costume'. They've explicitly clarified that in BB more than once.
No, the true 'fear' is the fact that he is a man who is willing to go to certain limits, who places himself above normalcy, above the law, and ultimately above your (as in the criminal's) bloody sense of disrespect for morality.
The suit this time could represent a wraith or a shadow instead of a bulking monster or a knight-in-arms. I'm sure fans will love to see a Batman who clings to the darkness a lot more than he has before. Maybe this new suit could fit well with his need to avoid the police. The technology associated with the suit (which as seen in TDK has made the link to Wayne Tech too obvious, perhaps prompting Fox or Wayne to disguise it a little, to fit more with the theme of the bat) will be hidden and used to maximise on both theatricality and function. This way the actual bat-suit becomes concerned with stealth rather than either of the above. And maybe it's this stealth that Bane exploits.
Since this is going to be the last Nolan film, I'd love to see all three suits showcased at some point. Maybe he wears the first when going on to fight Bane a second time, the TDK suit early on in the film, and the stealth suit throughout the rest? Okay it seems shaky, but what I'm trying to convey is a) the fact that Bruce wore multiple bat-suits to fit the situation, and b) that there is room for more than one Bat-suit in his arsenal.
In TDK the focus on 'functionality' and the immediacy of the situation made it so that Bruce couldn't alter it to fit his aesthetic needs. By this I don't mean his 'personal taste', but rather expanding upon the bat-symbolism/theme. With a while having passed since the events of TDK Bruce could alter the TDK suit's functionality to better reflect his original need of an intimidating, monstrous, wraith.
The suit is at the same time a tool, a weapon, and an identity all put together. The design should do well to establish that.