I think it looks all right. I think the only thing I would change would be the boots. The boots need to be red. Other than that I feel that the creators have paid suitable homage to the classic costume, and made something a bit more functional than the swimsuit WW has been wearing in comics for years.
Of course, whether the costume is good or not what will make or break the series is the writing. I have heard rumors Diana will be some sort of executive by day, super hero by night (which is what DC's Power Girl is doing).
I think Written World, possibly the 'net's biggest Wonder Woman fan, has summed up things pretty well.