I used the space suit for a fair amount of time, somehow it has the same defense as the reinforced leather armor despite being lighter, and comes with radiation resistance, I don't get why it doesn't let you breathe under water though, and if you're worried about looking silly, you DEFINITELY don't want to wear it. I just went with it at the time because I was low level so I was putting function before design. Once I could afford the reinforced combat armor MK-II, though, I bought that, and haven't changed out of it since, though I'm wearing the normal combat helmet instead as my current character has the Four Eyes trait, and while the visor doesn't seem to prevent wearing glasses, I noticed that it seemed to clip slightly with the glasses I was wearing at the time. I haven't felt the need to change since, the only thing I've seen which really offers better protection is power armor, and I can't wear that right now since I don't have power armor training, and even once I can get it, I'm not sure if I want my current character to wear power armor or not. So I guess basically, what I'm saying is that light armor is good at low levels, but once you can get better things, I'd just as soon not bother.
I don't really like the designs of any of the light armors in the game, except for some of the clothing, which, due to its lack of protection, I don't really want to use. Except maybe some of the Legion armors, and they look sort of out of place in a world of power armor and laser guns, plus, I don't to be attacked by everyone because of the armor I wear, really, I'm reluctant to wear any faction armor for this reason, bu at least with NCR armors, I'm safe around most of the common people in the wasteland.
Chinese Stealth Suit, plus re-breather, with a Mk. 2 Combat Helmet and assuming you got the DT implant, you should have a armor rating of 24... that's not bad considering you have a plus five in sneak and can breathe underwater and you haven't even invested in the 6 DT you get from two perks of Toughness, bringing you to a whopping 30 DT... That's more than Power Armor! Switch between the Combat Helmet and a 1st Recon Beret and your set.
Of course, with power armor you still benefit from the damage threshhold added by perks or implants, so you can still get more defense with power armor, the question is just whether you WANT to wear it or not.
on that note.. i've been having fun with NCR combat armor, pre-war hat, and a power fist. Sometimes I swap in a bumper sword for good measure. I swear getting hit with a giant rusty blade should hurt more than getting punched with a pneumatic fist weapon.
You know, that's something I never quite got. Why are the higher level unarmed weapons so powerful? I just don't see how punches, no matter what you put on your hand, could do more damage than actual melee weapons.