I think rip-stop nylon was originally developed for use in outdoor clothing and camping gear about 40 or 50 years ago
it was supposed to make tears more difficult to enlarge by having reinforcing threads (spaced like every 1/4 or 1/2 inch)
outer layers of some outdoor coats were made with this stuff, and some gear like sleeping bags were also designed with it
you can sometimes find it in bulk form in the stores that sell sewing supplies
nylon fabric (rip-stop or plain) is definitely a step up in quality and the finished 'chutes can look **very** nice, but you have to sew the edges or else the material will unravel
what it boils down to is: you have to have (or get access to) a sewing machine
you have to spend a couple hours sewing and assembling the 'chute
and you still have to protect it from the hot ejection gases or else the nylon will melt
it is a lot more work to make a nylon parachute but they are almost required for the heavy rockets
if you have been comfy with mylar, and if you are only flying low-power and mid-power stuff, then you will probably be fine to stick with it
if you have a relatively heavy rocket and you are not sure if the mylar will stand up to the loads, use a little more elastic shock cord to help reduce the strain
mylar is pretty nice stuff and you can still make your own 'chutes pretty easily----and it's cheap! nothing at all wrong with mylar, or the other sheet plastics