I bet you came into this thinking you'd see Paul Giamatti in a suit, right? Well, you're kind of right. It's not a suit of armor, though... it's a tracksuit. Set video captured a character which looks like Paul Giamatti (or perhaps a stunt double sporting a mask). It's safe to say this is before he steps into the costume or becomes mutated -- if he even does at all, that is (no one cared who I was until I put on the Rhino!).
Does anyone else think he looks like a rejected tracksuit bro character from the pages of HAWKEYE? 616 Aleksei Sytsevich was part of the Russia Mafia before undergoing his experiment (which I imagine will be conducted by Osborn's people), and based on this appearance, I think it's fairly safe to say he's connected to crime.
The Amazing Spider-Man 2 is scheduled to come out May 2, 2014.