Literally the only unnecessary element on the suit is the black chevrons on the arms. (And I love it) Everything else on the design serves a purpose -- Web cartdrige belt, Webshooters, emotive eye lense etc, everything is there for a reason. It's the classic design MCU-ized. And it all comes together beautifully. It makes TASM2 suit look bland and boring imo.
It doesn't look cheap at all in the Hi-Res pic. It actually looks engraved into the suit which is a nice change of pace fromthe tired raised grey webbing technique that should have remained exclusive to the Raimi suit and not carried to the TASM2 suit.
If by Cap you mean MCU. It's taking the classic Ditko/Romita suit and updating/modernising it for the MCU. None of the Cap costumes are overdesigned just updated. It separates this suit from every previous suit in the best way.
This is THE suit... Unless you're referring to the crappy homemade one he will have before the upgrade. This suit will probably get tweaked for the solo film, but I highly doubt he will completely ditch the suit. This is being set up as the origin for the costume similarly to the final suits for Raimi and Webb.