My wife an I were in the Polo store last year and they had this brown leather trench (30's style). Somehow the sales person and my wife got me to try it on (it had been marked down to $500). I was surprised when it actually seemed to look pretty cool. I also imagine it would be very comfortable on a windy and cold day. It made me want to go out and buy a vintage motorcycle with a side car.
But I just couldn't get over the connection to old movies with German interrogators, secret police and perverts.
New leather trench coats remind me too much of the disco guys in the 70's with chains, bad cologne and lots of hair spray.