Although the days of the Velcro and nylon wallet have passed, a dollar says you have stuff in your wallet that you didn't even know was there, like an expired pool pass from 1998. You want to keep your wallet uncluttered. It should only hold a credit card or two, your license, any memberships you use regularly, and cash. Beyond that: A wallet should be made of supple, full-grain leather or other animal hide in either black or brown.
Get yourself a new wallet every few years. It doesn't have to be expensive, but it should look nice, because you do take it out regularly and folks (read: your date, your girlfriend, your clients) will take note of your ratty wallet.
When picking a wallet, opt for a bi-fold wallet (a single fold with two sides). The more folds, the bulkier it is in your pocket, and the more it looks like you've got some giant wad of used Kleenex stuffed in your butt.
Speaking of your butt, if you're wearing a suit jacket or sport coat, then put your wallet in the interior breast pocket of your jacket.
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