I love it. He looks kinda mean in that picture. Glad they gave us the full resolution in both white and black b/g. It's nice to have those so I don't have to cut them out myself, always tedious that way.
Well I believe the Flash creates his costume using the Speed Force so it's not really of any material made on earth and could very well look like it's alive.
One thing i haven't liked about these renders is that Midway seem to have just covered everything in standard bump mapping just because they can. Batman's cape, for example, is usually either leather or PVC so it shouldn't have that furry effect, but it has. Also, the Flash looks like he's wearing lipstick.