I think the new costume looks better than the 80's jazzercise version with red briefs.
That was a different era... that's like comparing Adam West's Batman to Bale's.
The costume fails by today's standards.
To me, first off it looks way over-padded. Granted it's from a distance, but his pecs, thighs and biceps are just ridiculous... wrestler-like. So when he moves it's just going to look laughable.
But the costume itself... without something to break between the pants and shirt, it looks like he's wearing a ballet costume. It's just bad.
It looks far worse than Captain America.
It looks appreciably worse than Thor - which itself wasn't all that great.
It looks a thousand times worse than Iron Man.
It even looks worse than the fake CG Green Lantern.
Just awful design. Awful decision. For Superman, you stick with the icon. You figure out a way to make it work. If they could do it for Spider-Man (the first Spider-Man), there's no reason they couldn't do it for Superman.