I'm not an avid comic book reader, so I could be wrong, but in the more recent versions of Ironman, Whiplash looks like this:

http://screenrant.com/wp-content/uploads/whiplash2.jpg

I think that maybe marvel isn't skimping on the costume department, just trying to modernize and rationalize the costumes. Some of the villians/heros in their books cannot possibly be translated exactly, as they would look ridiculous.

Imagine him in this:

http://www.advancediron.org/images/whiplash.gif

Which is also whiplash.
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