I've crashed and ridden in leather, various fabric purpose built jackets, and tee shirt and jeans all at more than posted speed limits and have to say leather works well, but if I had the cash I'd get aero-stitch.
check them out:
They will even rebuild them after you crash on them.
They are available used for much less if you look.
They work in the rain (not much of a concern here) and aren't heavy like good leather can get. the pads they have are comfy too. you'll own it for ever.
I use that old leather jacket you saw the other day and it has worked well. I have gone down a few times in it and it still doesn't look too bad. I like leather a lot also, but it gets soggy when it rains, and can be friggin hot in the summer. I could never afford or justify the nicer aero stitch stuff.