I for one rest in the camp that DESPERATELY wants to see some limits on Superman's powers. The dude should not be able to move planets, fly anywhere near light speed, nor should he be able to hear a spider spinning its web from across the galaxy. I'm sorry, but I'm with dpm07 in that I think that STAS/JL/JLU was the ideal interperatation of Supes.
On top of the fact that I just think it's friggin stupid to think of or see a humanoid being moving an object trillions and trillions times its own size, when you make Superman omnipotent, you do a tremendous disservice to the rest of the heroes in the DC universe. The Leaguer several times has said something along the lines of how "Superman should always be the best" and "if I wanted to watch a hero struggel physically I'd road someone else's stories etc..." I understand his point. It's part of Superman's charm. But here's my problem with that; Superman exists in the same universe as the rest of DC's heros and villains. It'd be different if Superman was a character like Spawn in his own universe aside from maybe a cross-over every few years, but this isn't the case. It's one thing for Superman to make the Blue Beetle look like heaping pile of feces by comparison, but the other heavyweights in the Justice League absolutely have to be on a level playing field with Supes. It just has to be that way for me. As The Question so eloquently put it, Superman should have peers, not subordinates. Also, for the sake of a character like the flash, who while not as engraned in our culture as Supes, is still very much an icon in his own right, Superman should NOT be as fast as Flash. Not even close really. I mean, that's all the Flash has. When you give Superman equal or greater speeds, you render the Flash competely useless and pointless.
Batman and Wonder Woman in particular come to mind. For me, ideally, they're all on equal footing. Maybe Wonder Woman isn't as strong as Supes, but she can give him a run for his money. Batman is a different story altogether. I think the two characters should always be seen as equals, and under no circumstances should this ever change. I think that's the way most of the more faithful writers intended it to be as well. Batman needs to be able even the odds with Supes and engage him in hand-to-hand combat if need be ala DKR or Hush. It just has to be. Whether you like Supes or Bats better, both characters are just too important to have such an enormous gap between them. It's why Superman entrusted Batman with the Kryptonite ring. Supes knows that Batman is as close to an equal as he has as far as heros go, and he knows Batman probably could defeat him if he really had to (not saying he would, but that he'd have a chance to) But really, what the hell kind of use is a kryptonite going to be to Batman if Superman can fly into outer friggin space and hurl and astroid at him from light years away?? Incidently, this is also the reason why I can't stand the idea of Superman having super-intelligence; he just can't be smarter than Batman. That's Batman's greatest asset. You take that away from him and make Superman smarter, you're just ruining Batman's character in the same way you ruin the Flash by making Superman faster.
I'm sorry, but Superman just has to be powered down IMO. The TAS levels were acceptable to me. It's the only way I can enjoy him. Otherwise I'm just bored to tears, and honestly just plain pissed off at DC that they would show such utter disrespect and contempt for a character like Batman by making him an insect compaired to the god-like Superman. Besides, if Superman is as powerful as he is pre-crisis or more, isn't it just stupid to call him the "Man of Steel?" Considering he can fly through suns and survive, wouldn't "Man of Steel" be an insult? Really, for someone that powerful, it'd be the equivalent of referring to Batman as "sissypansyfairymarshmellow-wuss" instead of "The Dark Knight." Superman is supposed to be faster than a speeding bullet and more powerful than a locamotive. Not faster than a beam of light wearing Nikes and more powerful than a supernova on steroids.
I'm also decidedly and supremely against just making Superman's villains stronger as opposed to him weaker. I mean, honestly people, Darkseid is powerful enough. Hell, why don't we start giving Batman superpowers while we're at it? The Leaguer mentioned Dragon Ball Z as a comparison, as if DC has to somehow compete with the DBZ universe. It's interesting that DBZ comes up in this discussion, because the main thing that I just COULD NOT STAND about DBZ was just how ridiculously overpowered the characters were. I mean honestly, for anyone who's familiar, it's just plain laughable. In the Sayain saga Vegeta is strong enough to destroy a planet just by pointing at it, and they progressively get EXPONENTIALLY more powerful as the series progesses. By the time the Buu saga starts, they're supposedly dozens, if not hundreds (hell, maybe thousands, it's so hazily defined) of times more powerful than they were when the series started, yet anytime these characters fight eachother, its a big deal when one of their attacks makes a huge crater, or creates a lot of smoke, as opposed to vaporizing Earth along with a big chunk of the rest of the solar system.
As such, if it were up to me, that is if I were the Superman writer/editor, Superman would always strain, if even only slightly, in slowing stopping a jet liner. Superman in flight should be superfast, like faster than most advanced fighter jets, but certainly nothing even remotely approaching light speed; I can accept the speed of sound (the Flash being a good deal faster than Mach 1). The super-senses I'm willing to give a little more on for no other reason that my favorite part of Superman Returns was seeing Supes hovering high above the earth listening for distress, just a beautiful scene. I do not, however, want him to be able to hear spider spinning its web from the other solar system. Superman should be able to survive a nuclear explosion, but just barely, ala Dark Knight Returns (one of my favorite sequences in the history of comics) Flying through suns is out of the friggin question! (Honestly people, that's just ******ed. Even IF he could survive the heat, the idea that his body could withstand that kind of gravity is just plain dumb. Even moreso when you consider that it was a red sun!) And for the love of god, the Omega Beams should never EVER bounce of his chest.
Basically my ideal Superman is the Michael Jordan of the DC universe. Pound for pound, he is the most powerful, but the other heavyweights, if they can't necessarily beat him, CAN hold their own against him.
I'm willing to compromise though. If I were writing it, Superman would normally be around TAS power levels, but say there's also other energies Superman can tap into that give him the god-like powers temporarily, but come at a price. Say if a being like Imperiex or the Anti-moniter is threatening the universe, Superman can briefly achieve his pre-crisis level power, but it starts tearing his body apart and nearly kills him every time, so he only uses it as an absolute last resort. Maybe he can't control when or how it happens either. Maybe it's spontaneous, or it's triggered by some major cosmic change or disaster. Just ideas.
These are just my views and my take on the character. I understand that part of Superman's appeal is just that he's so over-the-top in his superpowers. That many of his fans want him to be nearly omnipotent and put the rest of the heros to shame. I just don't happen to be one of them. If you disagree, that's cool. But please, I'd appreciate it if nobody would give a bunch of replies along the lines of "Superman is teh ****! Batman is his biatch!"