I've always wanted one of these things just to say that I had it, even though the likelihood that I'd ever actually wear it is deep, deep in the decimal percentiles. The makeup of the suit is always about where I stopped in my intellectual exercises... first of all, I could never quite determine what to do for shoes, or what color they should be. In all the FO1 and 2 cinematics, I don't think there was ever a clear shot of vaultdweller footwear, but from what little I could glean from the "Bad Ending" of FO1, the boots we see the Vault Dweller wearing at the end of the game are aftermarket additions. Then there's the fabric-- it's thin and form-hugging, it's clearly a 1 piece jumpsuit, and yet it just doesn't quite look like or fall like Spandex. That could be due to graphical limitations at the time of programming, but it's still the look that we're all used to for the vaultsuit, and the one I think anyone attempting a facsimile would endeavor to capture.
I guess that Elarra (from the Steel Paladins forums) and her significant other-type were in the process of making themselves vaultsuits once, but I'm kind of a community dinosaur, and as I've been out of the loop for awhile, I'd be hard-pressed to say whether Elarra OR the Paladins are still even around anymore.
I think the Bethsoft version makes sense from a logical design standpoint, but a huge part of the appeal of Fallout's physical design was that it wasn't entirely logical, that it held true to the retro-future theme even, and especially, in those places where the imagined future was at it's least likely. I'd definitely rather be seen in public in the new design if I were the cosplaying type, but I've got no love for it.