Supposedly that picture is a leak and "conceptual" rather than an official final product. This could explain why it's so absolutely revolting. Michael Fassbender (new Magneto) in an interview said:
Nothing about Magneto in the picture seems right so there's a sliver of hope that this isn't what they're actually going with.As for our costumes, we went back and forth on so many things. We added things that worked in the comics, took them away again, and stripped them down again. ... When it came to the Magneto suit, you know, there's various stages of what has been done with it, but you will have something that is traditional to the comics. There is a helmet (laughs), which is of course essential to keep Charlie-boy out of my head, and the colors are also kept traditional to the comics, that sort of red and purple. I don't know if I'm giving you too much, but I'll say it anyway (laughs).
Also saw this digging around on imdb:
So maybe it has a chance, I don't know. I REALLY like January Jones and Rose Byrne too, hope it all shapes up to be more than it appears right now.Not just The Dark Knight--Lee Smith also edited Nolan's Inception (2010), The Prestige (2006), and Batman Begins (2005); as well as Peter Weir's The Way Back (2010), Master and Commander: The Far Side of the World (2003, The Truman Show (1998), and Fearless (1993).
X-Men: First Class has special effects supervisor Chris Corbould, who was special effects supervisor for Inception (2010), The Dark Knight (2008), Quantum of Solace (2008), and Batman Begins (2005). X-Men: First class also has Guy Williams who was visual effects supervisor on Avatar (2009).