Understood. Sounds like you're far from ignorant. From your description of the jacket, it could go either way, depending on who you're talking to and their own individual opinion. Of course the one that matters in the end is your own. Sounds like the leather would hold up well against abrasion, if it fits well and doesn't ride up, and if the seams are durable. Also sounds like it might not provide much protection from banging your elbows or shoulders if certain types of accidents happened. But people continue to break collarbones, elbows, and arms with or without padding there, so it's a matter of lessening risk, certainly not eliminating it. It's up to you.
I know you must be awfully excited to get that bike on the road, I can still clearly remember my first few miles and how great it felt to be riding a bike home for the first time.