So after looking at it again and thinking about it some more, I really like the design and understand why it was designed this way.
Maybe like many of you I assumed the movie version of the "Extremis" armor would look like the one in the comics. But it looks like it was inspired a bit from the Fraction/Meinerding redesign from 2010 (the tight fit) but incorporates more of the male muscle anatomy in it's design. I think some of that muscle design was present in his IM 2 armor but they embrace it a lot more here...for good reason.
One could argue that the armor would look better if they flipped where the red and yellow was placed, but since his faceplate is yellow they kinda had no choice.