Honestly I think it looks terrible, but I assume there will be some after effects in post, so I will reserve judgement till I see an official photo or trailer.
It appears they are going for this version of Electro:
instead of the classic:
Personally I would have preferred the classic version of the character (with a few modifications to the look of course), but I am willing to give this it's shot.
More Pics: http://www.comicbookmovie.com/fansites/MarvelFreshman/news/?a=77684