I think it looks great, as a prototype. Definitely some improvements to be made to tailoring and material, but I like what they are going for.
If SSC was putting out a whole team of X-Men, then the yellow/blue would be more important to me. So far, though, it's only Wolverine, and as such, I'm very happy with a brown variant costume. Like others, the Claremont/Miller story was the one that solidified the character for me, and since I'll likely keep Wolverine on his own shelf, then the brown costume is perfect for me.
In fact, I'm looking at getting a small bonsai tree, and positioning 4 ninjas around him for a nice battle/diorama scene, and either this unmasked portrait, or the masked one from last year would fit perfectly!