The poncho look is still preferable to fighting super-villains with her gigantic tits hanging out.
It's really, really not.
Though for practicality she should ditch the cape, a short cape is a heck of a lot safer than a long one.
Start with Batman on that one - he's more physically vulnerable than just about any other superhero. When Bats gives up the ridiculous scalloped cape we can start talking about the fashion choices of the invulnerable.
In this age of merchandising and branding, who buys Supergirl giving up the franchise trademarks in the wake of Superman's death? The opposite is what would be far more likely.
Metropolis is kaput - what about Gotham City? I notice that the epilogue with Jay Garrett is set in Lansing, Michigan - it'd be great if the Earth 2 cast of characters all relocated to real-world settings like New York and Los Angeles.