Swivelknife,
The thing about leather (or "MOO-Dex" to some of us) is that it has an aesthetic ("warmth" and depth of color) that polymer can't touch. It has a well established history of use, and has been proven to do the job for hundreds of years.... There's nothing "wrong" with leather as a material.
I'm a full time Kydex bender, and while I think it's superior in terms of utility, I still very much admire a well made leather sheath for the craftsmanship evident in a well made one, and the true beauty of the materials.
Comparing thermoplastic with leather is kind of like comparing a bespoke suit with Duluth Trading Company work wear (which I like much better than Carhart for durability and comfort). What you choose to wear depends on what you are going to be doing. I for one wouldn't frame a house in a suit.