I think the suit looks awesome, as a NON Superman /cartoon fan I have always mocked the Undies on the outside of the tights! and I assume the producers realise that its a common joke! so they have eliminated the visual gag. just as Batman producers did!
Hate Crowe in it though, in a universe of great actors why did they get the chubby aussie and put him in spandex!
and the Bulge looks fine to me!