there's a bit of a debate over at rubberist.net about this.
from the images on bbc's site here it looks like latex too me. another image is too the left which looks less so.
i think from a fashion point of view it really doesn't matter that its latex or not.
its going to be seen by her fans and by the media at large and will influence people in getting something similiar. given that latex isn't available at Target or even Saks of 5th avenue, then its likely some clever rag trade person will make a knock off that will look close too it from a distance and be way cheaper and much much more accessible. after the metalics from american apparel, maybe they'll do it?
meanwhile here's the video of her song umbrella and there's loads of kinky elements too it.
seems ballet heels are 'in' now.