It actually gives a very symbolic protection (90% against Piercing due to kevlar used... and that's it), but +15 Acc, +10 Reactions, 20-tile NV and +7 carrying cap is noting to scoof at IMO (you pay for it by -15 TUs and -5 Melee, and +1 Stress).
Back on topic, the new leather jacket Roxis made allows me to much more easily reproduce another jmf's idea - biker outfit. It'll probably be a free fashion choice, just like the Runt armor.
This all ties somehow to the underlying philosophy here... I have nothing against chainmal bikinis (well except they usually look very cheap, and also need to be padded if you want to avoid stat penalties caused by pain). I only won't allow a chainmal bikini that gives actual protection of any sort (well there is some protection vs. acid and plasma given by sportswear, but this is only because I think these forms of attacks can be dodged to some degree). That's why you play superheroes of sorts - you can wear all sorts of whacky clothing as your body itself is a bioengineered machine that can survive damage that would kill a normal human twice over (20 armor points without any extra protection, while for humans is 5 - not 0 since not every hit should cause damage, my take on this is that flesh wounds should be ignored altogether by the HP mechanics).