I think the current character sprite looks awesome and I fully approve the choice for fluidity over something a bit more stiff for the sake of more armor. The visuals on the weapons, shield, face and helm are a very nice touch. Combined with the ability to choose new colors and I think it serves the purpose well. I, of course, would love the armor to be visible as well, but considering how many armor pieces there are that seems completely out of the realm of possibilities.
Somewhere down the road I would be delighted if there were even just two other body options... maybe a plated warrior and a robed wizard look in addition to the very pleasant crono-esque look. I get that even one more look is just a pile of absurd work... but if you were looking for a DLC project after release, I would pay more for more body options.