I don't think the Turtles look bad, but it is odd that they got rid of Splinter and turned Shredder into a scrawny white businessman. With the removal of Splinter, Shredder doesn't really need to be Japanese, but that guy doesn't look like he'd be tough for those huge, bulky Turtles to beat. Unless they're going to make him more like Silver Samurai from the X-Men (or really the Wolverine movie) and have the suit be cybernetic.
EDIT:
I'm not sure I've ever actually seen the live action films. Watched the cartoon religiously though.
Cowabunga, dude! You should order some New-York-style pizza and watch the first movie! The second movie is okay until you meet Razor and Lockjaw. You even get Kino, the Short Round of the movie ... except not
as annoying! The third is in feudal Japan!