There's most likely going to be a backlash from fans on the suit anyways. There always is with comic book movie costumes. This film will be no exception. I liked the Returns suit as well. They used it at the start of Geoff Johns Action Comics run. Adam Kubert did a take on it.
Yeah, people can quibble about the colors Singer used (or the size of his S shield), but otherwise I thought he came up with the best solutions possible for updating the costume-- from the leathery-looking cape to the thick plastic shield.
And even the speedo-style shorts are probably the best option available for the "underwear outside the clothes" problem.