The puffy-sleeves and red house curtain cape appears in this concept illustration of DOCTOR STRANGE (Source) for his appearance in the upcoming Marvel feature film, featuring Benedict Cumberbatch as "Dr Steven Strange", and I felt a chilling shiver run up my spine … here's hoping the final tunic would look less theatrical and more functional.
Featured below is the video featurette "Marvel's Doctor Strange - From Here to Infinity" from which the above image was first introduced in;
You can have a fantastical script, fabulous actors, wondrous special effects … but to me, the "costume" would maketh the movie! You may clothe Iron Man, Thor, Captain America in new fangled designs, but folks still recognize the characters … whilst "lesser known" comicbook characters like "Dr Strange" may yet have some leeway in terms of what he wears, with "Guardians of the Galaxy" popped into mind, IMHO. Personally, I'd rather his mystical powers overwhelm me, rather than his puffy sleeves LOL
My personal preference and fave goes out to what he wore in the 5-issue limited series; "Doctor Strange - The Oath" - written by Brian K. Vaughan, and drawn by Marcos Martin - featuring a classy and functional "uniform" (which one may argue looks like a hotel doorman's, but better than a "cossack performer", no? :p) … YOU be the judge, folks! :)