Honestly, I dig it...somewhat. I really think it'd look better if they replace the helmet with a mask. I'd love it if he has an "I gotta get me one of those reaction" when he sees The Flash for the first time and he adopts a look closer to the classic Atom, in terms of his headgear. More than anything, though, I want him to shrink. If only because I would love to see The Flash interacting with a tiny Ray Palmer. I can just imagine Gustin's Barry totally geeking out over it.
As far as the suit goes, though, I really would love to see it get more simplified as the show goes on. We're seeing with The Flash that, for the most part, these designs can be translated in the DCTVU, and, with Ant-Man, you can have a fairly accurate costume without having to overcomplicate it. I'd love it if they sort of explained it with Technology. Ray's such a geek, and, if our phones show us anything, it's that we like our tech to get sleeker and slimmer, as it progresses. Throw in the ability to shrink stuff, and it'd be awesome if Ray shrunk his power sources down to a gauntlet or (as in the comics) a belt, which would allow him to wear whatever hero costume he sees fit.