Kind of wish they had done something crazy and given Spider-Man an actual red and blue costume instead of all of this black and gold nonsense.

Well his Civil War/Homecoming suit was faithful red and blue classic so there is that. I think I would have liked if for No Way Home they'd taken his Far From Home suit and swapped out the black for a dark blue instead of just giving us a cleaner cut, less metallic Iron Spider.

I’m not fond of either new look, but cynically I assume they feel the need to give him new suits every movie for the express purpose of selling toys.

Based off other materials released for promotion it's safe to assume, atleast 3 suits will be worn. My guess is he starts with the Far From Home red and black suit, then gets another 'magical suit from Strange (evident of the funko with it) then upgrades to the tech suit for fighting either Electro or Doc Ock, then reverts back to a more classic Spidey suit for the end of the movie.

So unless the new Iron Spider Suit is the same as the 'magical suit', which based off the Marvel Legends figure and the Funko they are different. The funko shows magic web and a magic logo on the chest, so that's different costumes.

We all know the strong possibilities of past Spider-Men appearing and there was a leaked audition of a young actor trying out for Miles Morales... so its possible there could be 7 different Spider-Man costumes in this 1 movie!