So Ustauk and I tried this out last night. Will let Ustauk comment on his experiences.
I found some flaws in the new update. Costume updates reset some of your character's choices when you visit a Tailor. Nice thing is you can cancel to look at yourself to see what you need to set back to what you had. Not sure why this is but it is workaroundable

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As for the new costume designs and Veteran Rewards, I like it. In order to reclaim your new powers (if you had your account long enough), go under Badges, Veteran and look through the list. There are buttons there to get those movement (and if you've been there from the beginning - your new attack permanent "temporary" power).
Will have to get together for some fighting here soon, as I'm itchin to get back into an MMO.