The Revolution is certainly legal for IPSC (in any divsion) and as far as I understand the IDPA rules (not as much as some) it should be ok there as well. I have one, and I'm quite pleased. I have a few of the more expensive Kydex Blade-Tech's, but I think BT had a good idea with the Revolution. The Revolution also uses the same attachments as the rest of the BT line, and the default hanger is the same as the one on the Stingray which also leads me to believe it would be ok in IDPA.
Whichever path you choose to take, here are few simple rules for competition holsters:
1) the more rigid the holster, the better
2) the more rigid the belt the better
3) straight beats any cant
4) positive click when the gun locks in its good, it lets you know when your gun is really in.
5) adjustable tension is good, because a smooth draw is hard to do when the holster won't let go of the gun.
Given those, kydex or some sort of similar plastic often wins. Kydex re-enforced leather works too.
Don't worry about wear. Wear is normal and the finish will wear or it won't regardless of holster. Some finishes never wear, some wear out when they SEE a holster nevermind getting drawn a few thouthand times. I don't know yet which one the M&P finish is.
Plus a worn finish gun says something about its owner. A pretty, clean, shinny gun means you are not practicing enough. When you see the guy with a worn finish on a gun which hasnt been cleaned in a 1000 rounds or so, then you start to worry 'cause he knows how to use it and the gun runs no matter what.