I like the new costume as well. I would have preferred if the gold belt was more prominent, but it is integrated into the suit pretty subtly. The material does look appropriately alien, and the symbol is just fantastic.
Henry Cavill really looks great in the costume as well. He really looks like Superman. His muscles seem like they are bulging right out of the costume. I'm assuming the costume is sculpted to his physique, and there's probably some built muscle-structure in there (similar to the Toby Maguire Spider-Man suit) but Cavill looks very muscular.
I love the cape. It's impractical, but it has a great "flowing" quality to it.