I have a very strong idea of how the Lizard should look. As my favorite villain growing up, I always looked forward to seeing him in a movie. Unfortunately, I don't see much at all of the character from the comics in that picture save for the tail. Otherwise, it looks nothing like the character.
That is a major letdown. Much moreso than SM3 which, to me, is not nearly the "worst movie ever" fans make it out to be.
Actually, it looks very much like the character, just not the version you love and have become accustomed too.
The design in TASM is based on how The Lizard looked when he first debuted in the comics and his facial features were human, with some differences.
Most people would have preferred something like the Todd McFarlane design or the glorified croc/alligator/lizard amalgam look he's had in the recent books and I respect that, to each his own.
However, don't say they ruined the character or it looks nothing like him when it actually DOES.
Lizard actually looks more like his comic counterpart that Spidey does in many ways, and that's saying something considering the changes that were made to Spidey's suit.
Best advice I can give is to wait and go see the movie. As Anno Domini said, just because the character may look bad, doesn't mean he won't be great in the movie and, according to those who've seen the "Untold Story Begins" screening footage, the Lizard does look pretty good in action.
With TASM, I think patience is the key factor. We haven't seen much so we have to just be patient and, depending on what we get between now and when the movie releases, withhold judgement until we see the film.