I can live without the cape, but the texture of the blue costume is WEIRD. It looks kinda rubbery, which I guess would give a superhero more protection than Spandex but it looks really weird. I'm also not sure how I feel about the weird metallic decoration...it looks like some Art Nouveau metal artist started designing a suit of armor but gave up after only a few minutes, completing only the cuffs and the sides of the abdomen. This only serves to highlight the lack of red underpants and Superman's prominent bulge.
I wonder if they've abandoned the cape completely or if they're just planning to add it back in later via the magic of computers...