Many may like it and many definitely hate it.
I will be honest and up front and say that I know the bare minimum about Green Lantern and his story, but I do know that the ring can create anything Hal Jordan wants it to create and why can't this film version of Green Lantern's suit be whatever Ryan Reynolds' character wants it to look like?
Perhaps this is only one of the suits that Hal Jordan will wear since he could create a suit that looks different for different situations.
I know that the suit is an iconic image for the character, but at the same time this is a production shot and since the suit is CG, then it can be changed by easily making modifications on one of those super-computers that CG effects studios use.
Anyway, my take is that there is nothing to really worry about because I'm sure the suit appearance is being modified as I type this right now.
I personally think the suit looks cool as is and they should just run with it because in the end, the fans will get used to looking at it once it is in motion on the big screen.