It's just a simple touch up till they get to his full VU.
It works better with the visual style that Riot seems to be aiming for. Kind of pastel, soft colors that look "timeless."
Now Kassadin's retexture / model, now that was a step back. He went from more of a pastel color combination to something more like the old Ryze, with very bright edges and light, making him look more at home in the old Rift.
I prefer the new one actually; he's not really supposed to look magic until he casts a spell or has an active ability.
This is a WIP, i would wait until they are fully finished.
It's good that they gave us a WIP so we can see what direction they're going in, and we can catch them before it goes final.
Giving us half-finished pieces is what we've been freaking asking for from Riot for a whileeee. At least tell WHY you think it's not good, like I did here, for the sake of constructive critisicm. Be constructive or say nothing at all. :s