To me it doesn't look like a cape it looks more like coattails (kind of like Gokaiger but longer) with the red being the inner lining. The way the collar flows into the pushed-in central chest section also looks coat-like to me. Should be pretty cool.
The helmet remind me of Nadeshiko's, both in the general shape of it and in that the red 'face' on Wizard covers a similar area to the black 'face' on her helmet. The facial details scream 'Hibiki' to me, but the antennae look like Faiz's.
The shoulder pads also look like Faiz's. But the chest detailing reminds me of the chest designs on the original showa era riders (and a little of Den-O sword form too). The shin pads and anklets remind me of the ones on Agito.
I can't really see much from that pic of the belt, so I hope they don't bugger it up. I'm not keen on that crown thing hanging off the side but meh, it isn't enough to spoil things.
Overall I really like it. An unconventional design that looks pretty fresh, yet has lots of nods to past rider outfits. Far better than Fourze or Meteor! I can't wait to get a proper look!