Best is relative - but I think I consider Corrugated Leather the best light armor in the game at this point.
It's really light to keep hindrance down but still maintains high-great protection for most areas, and it has the best overall material stats. So actually, if you could make any material at the same weight, it would be the best overall.
I could see an argument for mammoth hide being the best, particularly for non-evasion prime characters, but it has higher hindrance obviously being heavier.
Diamondhide or Imperial weave I could see being called the best if you only compared it in a PvE 'non-magic' using setting.
Thoughts?
Codiax.
Vote: http://www.topmudsites.com/vote-DragonRealms.html