It looks better than the product picture, which almost never happens with these cheap costumes. Of course it doesn't help when it's being hilariously modeled by some goof ball. Still, I was surprised.
The thing looks great actually. It's made of a good quality (for what it is) red vinyl with a satin/matte finish on it. The inside of the jacket is line with neoprene while the sleeves are lined with a cotton material. Overall it breaths pretty well.
All the zippers (there are a ton of them) are real, functioning zippers. No paint-ons or silver fabric strips, which is a great touch and adds to the over all look of quality.
In the product picture the shoulder area looks black. But it's actually a shiny/shimmery metalic silver fabric covered with a netting/mesh material effectively giving off the illusion of silver sequins.
I'm a pretty tall guy (6'2") and pretty thin. I found the XL to fit perfectly. The sleeves are a little short, but they're supposed to be rolled up anyway which brings me to my only complaint. The sleeves are meant to be rolled up, however the elastic around the cuffs is pretty tight. Even on my pathetic excuse for forearm muscles it was uncomfortable. Luckily my wife was able to make the alteration and now it fits fine.
Overall I'd give it a 4.75. It's a great costume piece.