Yup....Still hating the hollywoodzation of Electro for sure.
It's DEFINITLEY based on the Ultimate Electro; I'm kinda on the fence about it myself. You gotta admit though; the yellow and green costume with the lightning bolts wouldn't translate well to film. At least Jamie Fox is a really good actor!
I think that the green and yellow suit would have been EXTREMELY difficult to make work in a live action film without making it seem like a Roger Corman production (you remember the Fantastic Four flick he did in the 90's?)