You guys overcomplicate everything.
The current canon, plus Smallville, says the symbol is his family crest, and also stands for hope. Humans wrongly interpret it as an S.
but the discussion is will they keep that idea for the reboot or go with something diferent.
I personally would like Jor El to have the s on his chest, but not mounted on a diamond, i would like Clark to some how incorporate the two with meaning behind it.
S represents the house of El
Or, the diamond is the crest and the s is a letter that means hope in krypron and he has incorporated it.
I.e, he puts on the suit, but the diamond is blank.. and he gets labelled the super man which makes him think.... he looks at other heroes around him, bat man etc and makes a logo to appeal, instead of putting fear into baddies, he puts hope into victims....
The diamond represents hope, truth and justice.. maybe in their time line, when humans land on moon, instead of the stars and stripes, they put up a flag with a diamond crest on it, to tell aliens, earth is for peace...