Concept Art: Captain America Costume
Mike Sampson, of JoBlo.com, got to check out the Captain America costume and described it as such:
"He'll have a costume designed by the Army for his initial USO appearances that's slightly more flashy and a nod to the original design. As he gets called into active duty though, Steve Rogers (who hated the original suit design), creates a new costume that's more battle-ready. This second costume is the one I saw and will the primary costume for the film."
As for the primary costume, he explained, "The fabric of the costume doesn't look like the scaled material of Spider-Man but more of a leather fabric, like something you'd see on one of the X-Men. Cap wears an old school utility belt, the likes of which we haven't seen much in modern superhero movies."
IMHO, costume looks awesome. Yes, darn awesome that is. Whoever did this artistic rendition of the Cap's costume is a GENIUS. :)