^Same issue with the Flash though. If Flash was portrayed as always processing his senses at superspeed it would be hard to write real threats for him. He technically is fast enough to respond to anything nearly instantaneously.
But my point is, he more often is portrayed that way in comics than in film. I believe it's actually been used rather well as a plot/character point in the recent New 52 Flash
series from Francis Manapul. You can portray something like that in comics because comics is a series of freeze-frames, so you can concentrate on a single moment and elaborate on its details. And you can portray it in prose because you can get into a character's viewpoint and describe in detail how they perceive an event, even if it takes a split second. Film/TV is different; although it is possible to go into super-slo-mo and show such a reaction, it has to be a special case, an exception to the normal flow of real-time storytelling -- and it generally takes a lot more money to shoot if it's in live action. So it isn't done as routinely, and instead of a character who's always perceiving things so keenly or swiftly, you get a Superman or Flash who's portrayed as having pretty much normal senses and reaction times unless he makes a specific effort to do otherwise.
Well, actually Smallville
did a pretty good job using "bullet time" effects to show how Clark perceived events at superspeed. Earlier Superman adaptations, not so much.