It looks alright. Seems like they are going for a modernized take on the Phantom. It's also kinda neat that they are making this Phantom the 22nd (I think they are only up to the 21st in the comics). That gives the writers some wiggle room to use elements from the source material, but still allow them to go their own way as well w/o having to slavishly adhere to it.
I can't get a good look at the costume in the trailer. From the brief glimpses, it seems somewhat reminiscent of Green Arrow's costume from Smallville
. Incidentally, the main character seems to have a taste for wearing purple when not in costume (much like our Smallville
heroes wearing their respective superhero colors)
One thing that did surprise me in that trailer was the level of violence. I have nothing against violence, mind you, but for a TV show, it seems surprisingly graphic, specifically the beheading bit. Perhaps it was just the way the trailer was edited.