The new 52 Superman costume is far from perfect, but I like what they are trying to do.
Let me explain.
I'm a life long Superman fan (I'm 35 now) but I like my fiction completely grounded in reality, so in my mind, no 20 something heroic young man would want to create a disguise with his speedos on the outside. Even if that's how they dressed on his long dead home planet.
To that end I like what Jim Lee tried to do by giving the old super-togs a more functional look and getting rid of the red underpants. But the end result looks a little clunky and not even close to cutting edge. So the issue in my mind is not the concept but the final execution thereof.
However, I do like the way some artists are able to draw it:
Ryan Sook -
Ivan Reis -
Kenneth Rocafort -