The general design of the armor isn't too far off from the Mark VII armor that debuted and was subsequently destroyed in The Avengers. It's got the circular power reactor in the center, and is bulky up around the shoulders and neck area.
Where this new armor veers off from anything seen in Marvel's Iron Man films yet is in its coloring. The red is almost identical to what we're used to seeing, but there isn't much of it. Instead, the predominant color is a mixture of beige and yellow. He frankly looks more like C-3P0 or a bleeding banana than Iron Man now.
I suspect this armor isn't the "Extremis" armor that Tony Stark will ultimately don in the film. This could be a Mark VIII suit, and the Mark XI is the one that will knock our socks off. Let's hope so at least because this armor, unless it's got some really cool tricks up its sleeve, doesn't look right.
Later today, Marvel is expected to preview the first rough footage from Iron Man 3 during their Comic-Con panel. They will also formally announced their fall 2014 film, widely expected to be Guardians of the Galaxy.