I've liked the new design from the moment I saw it, when it first got leaked. But, this isn't a discussion on the Pokemon's design, is it?
This new form, if anything, is being used as a symbol. Here GameFreak is, taking Pokemon to a new handheld as they often do, but this time making it abundantly clear: things will change. They kept it slow at first, revealing a standard myriad of starters and a couple of Legendaries, both of whom stand among some of the most detailed Pokemon created. Admit it, though; none of the original five revealed Pokemon were nearly as shocking to you as the games' names were. Colors turned into metals that were also used to describe colors, segueing into gems before reverting to "colors" again in the form of shades. While different, the connection between the names of the main series games were evident. Now, the version names have been overhauled entirely, using what could be anything from simple letters to the two axis which make up our world. Then we have another new Pokemon, a new evolution of Eevee whose type isn't just being kept secret; they're making a big deal about it being secret.
This new form is just the next in the line of "shock reveals" that serve the purpose of making GameFreak's intent clear: things will never be the same again. Now, let's be fair here, the biggest criticism that the main series Pokemon game receives is its formulaic nature, that the games are too afraid to break from their norm and establish new ideas. The fact that the newest versions simply have "2" slapped on the ends of their titles did the franchise no favors outside of its hard fanbase. Personally, I can think of no better way to catch the attention of the more casual Pokemon players, those who can't even be called real fans, than to give a drastic change to one of the franchise's most recognizable and beloved characters.
I have a cousin. Him and I have been avid Pokemon fans since I has 7, and he 5. From Red and Blue to Diamond and Pearl, Pokemon consumed us. As we expanded our game knowledge, I stuck with the Pokemon franchise, and he lost interest. I doubt his Diamond version had much more than twenty hours logged onto it at its peak. Never have I seen him take any interest in Pokemon-related news since then, until the day I revealed GameFreak's plans for Mewtwo. Even if only for a moment, I saw in him something that I haven't seen spark in him since our youth: an interest in a Pokemon game. That is the purpose of this new form, and if there are others with similar stories to mine, then its a purpose being well served. The main series Pokemon games in for a change, and out of a combination of excitement, curiosity, and no small dosage of fear, the hype is escalating.
This makes my final answer a difficult one. If these new coming changes are good, then I wholeheartedly approve of Mewtwo's new form. It means that this new form has done its job in raising interest in what many consider to be a stale franchise, and that this new form could almost single-handedly end up being credited for breathing new life into the world of Pokemon.
On the other hand, there are the things I fear. Will "change" take the form of less content? Will our beloved turn-based franchise be plagued with action timers of quick-time events? If so, then the boosted pre-orders from fans old and new, many of which will be based around this new form, will simply serve to reward GameFreak for ruining a beloved franchise, assuring that the trends would continue until there remained no body left to be corrupted. In this situation, the new Mewtwo form would simply be a reminder of a marketing ploy that killed one of the few things that many of us can still find joy in, and I don't think anyone could approve of that.