The lack of traditional wings kinda hurts, but overall I appreciate any Cap design that keeps the buccaneer boots and gauntlets, the chainmail, and doesn't play up the army soldier stuff.
What a lot of people miss with Cap is that Jack Kirby and Joe Simon, far beyond mortal thinking as they were, didn't design him to be a literal super "soldier". His costume makes him look more like a personification of america itself. When you see Cap on the battlefield in, say, the Ultimates outfit, he's just a flamboyant soldier. When he's in his classic suit, you're fighting America itself. The chainmail evokes knights, the cavalier boots evoke pirates, horseriders, and other adventurers. the shield gives him the appearance of a classic warrior, like a Roman soldier. these classical element of knights, adventurers, Rome, all are a part of the ideal american spirit. Cap takes all of that into a uniquely american identity.