I think we might all be "rushing" to a conclusion (sorry for the pun!). Yes, we see Wells with a Reverse Flash costume, but that doesn't necessarily make him the Reverse Flash. It's quite possible he's not the Reverse Flash, but for some reason is creating/aiding the Reverse Flash. He puts the device on the costume, for some reason, perhaps its a signal to bring Reverse Flash here through the time stream.
Which could make him more of a Hunter Zolomon Zoom character, doing whatever it takes to make Barry a better hero.
There's still the future newspaper of the Flash disappearing during a Crisis. Perhaps Wells is here to make sure Barry makes it through the Crisis. The Zolomon Zoom mentality was to force Wally to experience tragedy so he'd come out stronger/better for it. His motivation was simply to make Wally better, Wells' might be to ensure the future of our Earth/universe/multiverse.
We know there's time travel involved, based on the newspaper and Wells' "future room" (a phrase I'm coining based on my 10 year old son's naming of "end of show coda moments" as "future moments"). They also mentioned tachyons. I'm no scientist, but I've watched enough TV and read enough comics to know that tachyons are the sci-fi/comic-book writer's tool for explaining time travel, based on the belief that tachyons (a) move faster than light and (b) can be observed as moving backwards in time.
Then there's also The Reverse Flash's line about Barry already knowing who he is based on the previous times they met. I took this to mean that this Reverse Flash has met and faced off against Barry in (our) future. Add in Eddie Thawne, which, as has previously been stated is a variation of Eobard Thawne, the first Reverse Flash's name. He was a time traveler from the 25the century who traveled back in time to face off against Barry.
The red blur in the past could be Barry. I believe it was in
Flash: Rebirth, as he tried to stop Thawne from killing his mother. The only way it could be Barry is if he time travels, though. But, then again, unless Wells has been the Reverse Flash this whole time, somehow getting his powers 20 years ago or earlier, the yellow blur has to be a time traveler also.
Anyway, I think there's more going on here than we suspect. Wells and the costume simply indicating he's the Reverse Flash seems a little too pat.
And, while I'm going off on theories, Firestorm told Caitlin he's not Ronnie. I actually believe him. I think Ronnie
was vaporized, but merged with Martin Stein to regain a corporeal body. Therefore, he hasn't lost his memory and wasn't lying to Caitlin, but is actually telling the truth, adding to his confusion. He might have some of Ronnie's memories, enough to lead him to STAR and Caitlin. He might even have Ronnie's voice in his head, convincing him to go to check up on her, but then warning him away, because while he looks like Ronnie, he's actually Stein.
That would explain how they're both wearing the same outfit, albeit with Stein's being undamaged and Ronnie's being burnt:
While we did see him fly, which I comment on earlier (my 10 year old asked if I was okay, it was hard to explain that not only was I okay, I was ecstatic), we haven't seen him demonstrate any molecular rearrangement, yet. Hopefully, we will in the future, otherwise, he's going to seem like a Human Torch knock-off (given that their version of Girder seemed reminiscent of
Agents of Shield's Absorbing Man, I'd rather not have another character on the show be too similar to a Marvel character, even if Marvel Studios doesn't own the rights to this one!).