It may just be iron/steel with the fur from khajit (with just leather bracers >_>...)
I'm saying that it's very cool that we can finally see our character underneath armor. Rather than armor taking up a spot as a piece of our character's body, it's an aesthetic going over it.
In Oblivion, you could often see a change in skin color at the bottom of the neck.
In Skyrim, you can see a Nord's huge muscles beneath his armor. Nice touch.