Naked leather is considered the best. It is drum rolled so the color lasts and doesn't bleed (usually). Look for good snaps and buckle hardware (brass or SS). One piece panels (no seams or patch work leathers) are top of the line. Cowhide is tops, with buffalo, goat and others being less desirable. Get ones with a liner- they are easier to get on and off and are far more comfortable as they won't grab your pants when you move around.
Fox Creek is the best I've seen ($189) and Hudson leathers comes in a (very) close 2nd for about $65 less ($125).
