It comes so close, and then jumps completely off the rails. I look at this, and all I can think of is that it looks like badly made cosplay that got mugged by Blade Runner on it's way to San Diego.
Sure, the costume is technically right, but it's so damned baggy, it's like they went about it half-assed and didn't really try. "Well, she's got a jacket, who cares if it's three sizes too big?"
Since I don't actually watch Smallville, my level of caring is minimal, but I do like Black Canary, and it seems like she has no luck in the live action department. I also know I have friends who would be...interested in seeing this.