Fixing the kerning
In this case I would use \! to tighten the kerning of the plus and minus, because the expression (1-f_p(l+1)) is but one of five factors in the larger expression. (Alternatively, \mathord{+} and \mathord{-} could be used, but these kern a bit too tightly (unless \, is used between the other factors). I would also use \,\, instead of \, here as it provides a slight in increase in spacing that I think improves readability.
\big(1\!-\!f_p(l\!+\!1)\big)\,\,\overline{w}(l)\,\,f_p(l)\,\,\overline{N}(l)\,\,\hat{H}_s(l)
Here are a few variants. #1 is way too loose (as originally pointed out), #2 is way too tight, and the others are a matter of taste. Personally, #5, #7, and #9 are my favorites—with probably #7 being my most favorite.

If you want to get really picky about kerning, notice that the italic math l in #6–#11 is kerned too closely to the +. Fixing this for #6–8, you could use f_p(l\kern.1em\!+\!1) and f_p(l\kern.09em\mathord{+}1) for #9–11 (neither shown above). It’s actually also a wee bit tight in #3–5, but less noticeable there.
Fixing the overline
You didn’t ask about the overline, but I can't help pointing out that the \overline{N} looks odd in the expression because \overline was not properly designed for tall italic letters.
If you would like the overlined N to look nice, you could replace all occurrences of $\overline{N}$ with \,$\overline{\!N}$. Or, a simpler solution could be to define a new command \overlinetall:
\newcommand{\overlinetall}[1]{\,\overline{\!#1}}

\!for kerning aroung binary operations or relations; see this answer of mine for details.\mkern1mu{+}\mkern1mu(and adjust the1to your needs).