Yeh, I prefer the trenchcoat look. Too much white on the other.

Trenchcoat outfit is better IMO as it makes the character more darker.

The trenchcoat looks more badass .

Yeah, trenchcoat. The other look is too much like a superhero.

I like the Trenchcoat look the best as it fits the Punisher's look as well too he can blend in when he needs too

I'm going to join the trenchcoat bandwagon. He's not a superhero, so he doesn't need figure-hugging attire :)

I'm also with the Trench-coat Brigade, It looks more like something a normal guy would wear and the Punisher is essentially a normal guy.  Nobody in the real world (with all their sanity still intact) would dress up like the other costume. That other costume isn't frightening at all. 
 
Trench-coat costume FTW

MAX comic look without question

Trenchocoat ftw

trenchcoat  
more awesome

Trenchcoat!  Who ever thought white gloves and boots was a good idea for his character should be flogged.

Like everyone has said, the trench coat.

 trench coat.    

The trench coat gives him a darker look, and besides, I love trench coats.

"The trenchcoat looks more badass . "

The trench coat style fits the of the Punisher. I would like to see him wearing a shorter leather jacket.

Trench coat always how else is going to hide all his guns?

" Trench coat always how else is going to hide all his guns? "

definitely trench coat!

The trenchcoat looks cooler...

I prefer the t-shirt only look on the Bradstreet covers.

I love the trench coat look for Frank. It looks more natural.