Leaving out Doctor Strange's cape is a pretty sad choice; it's how he flies, dammit, it's lighter than air. But like MW says, this seems to be Ultimate Doctor Strange, which means that he has to look like a commando soldier with ammo belts around his shoulder. Marvel seems to be leaning towards the militaristic look lately, both in its Ultimates line and regular books.
He's got a cape, at least in a little bit of the trailer I saw. I'm just hoping they animate it like a cape and don't try to turn him into Spawn.
The recent animated movies can draw on Ultimate elements, but I doubt that'll be too much of a factor here. Ultimate Doctor Strange is a confused twentysomething vaguely-slacker sort with a daddy complex, daddy having been the Sorcerer Supreme until he mysteriously vanished. Strange Jr. is a catalyst and X factor in a given "mystic" story, not powerful enough to be a consistent deus ex machina upsetting the balance of ammo belts.
The problem with this animated Doctor Strange looks like the same one they have with Iron Man. The origin itself isn't -that- interesting. It's all the cosmic trippy stuff that happens afterwards. But, they're trying to prolong the origin and tie it to the big bads he fights at the end, and it just turns wrong. What made their Avengers take work in that there were so many characters that they had to start out with most everyone as a hero.