Bart is Kid Flash. Barry is the Flash.
Wally always wore Barry's costume to honor Barry. That is no longer necessary.
Wally is getting a new costume. I assume some variation of his Kid Flash one.
Jessie is Liberty Belle. Maybe Wally will be the new Quick.
With the announcement of an ongoing Flash and Kid Flash series I'm expecting some kind of age reversal thing or somerthing where Wally will once again be Kid Flash and Barry will be the only Flash. Bart will probably go away either through death or caught in the speed force. The idea sounds lame but if anyone can pull it off it's Geoff Johns. I plan on picking up both series and I can't wait to enjoy reading Flash again every month.