+1 with Brock on this... I don't agree with legislating for it, but I wear one nonetheless. One time my 14yo daughter was on the pillion and objected to be wearing it - 'cos it was too "embarrassing" (?). I relented and took it off. Man - did I feel vulnerable. As an experiment, I rode with it on and off over the next few days. Although very subjective, I can say that there is a definite difference. From then on, if she needs a ride, she gets embarrassed - it's impossible to get her to wear one though!
What I'd like them to legislate for, however, is for car drivers to use their neck, turn their head, and have a good look. The vest helps self preservation (but not a guarantee) against those that only use their mirrors. What I also find alarming is the appearance of "lane changing collision avoidance" devices built into the mirrors of new cars. IMHO, this will only result in drivers actually "looking" less.
As far as leathers go, one would hope they're targeting protective standards, not cow-hide.... too hot for me, and not as comfortable in the seat (me thinks, never tried).
In the end, this is a scary place for legislators to be heading... what's next: gloves, boots, eye-wear, ABS, power/speed limitation,...