Okay so....what am I missing?

I would say the spare hanger could be for future DLC but that would suck if they only ever released 1 more costume. Maybe the Vigilante suit is only a PS3 exclusive for a set amount of time and will be accessible on the 360 at a later date, giving that empty hanger a purpose.

I gotta' be honest though, I'm secretly hoping there's another suit somewhere in the game that hasn't yet been found....

You only need LIVE for one costume so far and that's the red & blue classic from the Raimi films, as some form of DLC is needed for it to become available.

quote Megas MkII

where are the icons?

The Stinger has posted the locations in multiple threads, just check those out - though don't forget you need to change the date on your PS3/360 to some later time in the year, like 31/12/12 or the icons won't appear.

quote Megas MkII

do they have any special functions?

Nope, appearance only.

Funnily enough, I was thinking about the same kinda thing earlier. They could have given each suit its different set of pro's and cons, such as;

quote Scarlet Spider (2012)

+ Increased Melee Damage
+ Faster Swing Speed

- No Spider-Sense

quote Vigilante Suit

+ 25% more EXP gained
+ 10% more Tech Points gained

- 10% Less Health.
- 25% Less Damage dealt.

quote Black Suit (Spider-Man 3 Movie)

+ Increased Damage
+ Unlimited Webbing (though that doesn't apply to this game)

- Lower Health

I probably would have disliked it if they rolled with that idea though as it would stop me using some suits if I disliked the disadvantages it had, I think I'm just more interested to see how they would chosen each suits benefits etc.

Megas MkII; You really should give it a go at unlocked these extra suits, it's a lot less effort than it sounds.

Create a Spider from Spider-Man: Enter Electro FTW.

I think a better benefit from any Black Suit (AKA the Symbiote that became Venom) would actually be more and faster regenerating health, maybe improved stealth, stronger attacks, stronger webbing, but you only gain 75% EXP and Tech, and when you're low on health it automatically starts making you move around eratically and doesn't respond to you trying to control it apart from button mashing to regain control while it randomly attacks nearby enemies with even greater attack power, but you get no EXP or Tech. That, to me, seems reasonable, with the low health berserker mode not being listed.

Think of each suit, what it should be able to do (Based on what you know of Spiderman's incarnations and suits), and it would make the game at least three times as good as it is. Just the Symbiote Suit alone would be the one I'd track obsessively, based on what it did in a previous game... Maybe a thread for what suits should be able to do should be made.

If it's the original Scarlet Spider suit, i'll wet my pants. The Russian what-if suit and Miles Morales costume would also be welcome though.