I don't know. I'm never a big fan of what Hollywood does to superhero costumes, but I've kind of gotten used to accepting them if they're at least paying a little attention to the comics. Like the Bale Batman costume - I hate that it doesn't have any grey or yellow on it, and I don't like the plating, but I'm okay with it because it would make sense that a flesh-and-blood Batman would have plating and a helmet.
This new GL costume is about at the same point. It's WAY better than the crappy one they used first, but it's still not great. But it kind of works. After all, if we're going to say that the ring makes a kind of green gel-like suit that covers his body when it's active, it makes sense that it would look something like this. Still not as cool as any of the GL comic outfits, but okay.
Personally, I want to see a live-action version of the original Golden Age GL costume. But never gonna happen, unless Zach Snyder wants to do it or something.