Like I said in the Avengers movie thread when they posted her new look, she looks like she stole Bucky's suit he wore as Cap's teenage sidekick and added her sash and some buttons to it. Also her hair just doesn't suit her face with how she's drawn in the first couple of pics in this thread.
Say what you like about her last costume, call it exploitative or whatever, but she looked far more feminine and it had a far better sense of style.
Though seeing the recently posted pic of Ms. Marvel vs Moonstone (the Dark Ms. Marvel), I can't help but wonder how much better it might look if they meshed the look of the new costume with Moonstone's version of the costume. Keep the top (Moonstone's), extend it into a full body suit (like the new costume), get rid of the ridiculous buttons all over the boots and gloves, keep the colour scheme of Moonstone's costume (or replace the black with the new costumes darker blue) and keep the domino mask. That might work (I'd really love to see a mock up of it over one of the new costume pics).