If you haven't heard about this incarnation of Spider-Man, then just watch this short video.
You get it now, right?
As you saw, this Spidey suit is from the 1970s Japanese Spider-Man television show, that bears practically no resemblance to the comics it was supposedly based on, though the suit is pretty faithful (and therefore quite similar to the Classic costume already found in the game). There are a few clear differences that would make it stand out, for example, the massive web-shooter on his left hand, something that is missing from his other wrist, making this version look more like an impractically-sized watch than a highly sophisticated web-firing device.
This sort of wackiness clearly defines the suit as its own beast, and as such it would make a fine addition to Insomniac's title.