Leather offers superior abrasion resistance - critical at high speeds. Textile is more versatile with waterproofing, ventilation, and lower cost. For track or sport riding: leather. For commuting and touring: textile.
Quality leather jackets last 10-20 years with care. Textile jackets typically last 5-8 years before waterproofing fails. Leather ages beautifully; textile looks tired after a few years.
Most textile jackets claim water resistance through membrane technology (Gore-Tex, Drystar). They work well in moderate rain but can eventually soak through in prolonged downpours.