I thought Kevin Smith had a decent idea for making Doomsday work, but he brought the concept in too late (which I suppose was due to budget, thinking about it). The issue with the original "Doomsday" storyline is that it's basically one big fight scene with bits and pieces of character interaction interspersed. Bits that don't work just randomly on their own, and would make for a confusing film in its original form, even adapted. You don't have to know Superman's history to understand why the "death" interactions between he and Lois and everyone else matter, but it sure helps, and it definitely enriches that storyline if you've followed it all the way through.
It worked in the comics because you had a bunch of established elements that all came together almost perfectly, Superman's work with the JLA, Cadmus, Guardian and the Newsboys, a particular Luthor storyline, Supergirl, John Henry, Bibbo, etc. Writers have been trying to imititate that angle for years, trying to draw several years worth of storylines into one major one, and it usually sucks.
Now, you could make a Death, Reign, and Return of Superman trilogy with some alternations. Easily. Would it be worth spending three films on? Eh. Maybe, if it was really well done. I don't think one film does the concept justice, though. SUPERMAN LIVES, every version of it, was underwhelming in the long run because there just wasn't much weight to his loss. He was offscreen for all of like ten minutes, and it was played as a joke of sorts. Ditto SUPERMAN: DOOMSDAY (Which I wanted to become "The Death of Lois when I saw what Anne Heche was doing with the character) to a point.
I'd argue SUPERMAN RETURNS portrayed the death angle better than any of those scripts did, partially because instead of just tossing us into this relationship between Superman and Lois (hey, they're getting married! Which may have worked in a slightly post LOIS AND CLARK era), SUPERMAN RETURNS built a backstory and conflict for their relationship, it didn't just "exist". I dunno. I think the Death of Superman has been done, both in SUPERMAN: DOOMSDAY and SUPERMAN RETURNS and belongs in 1992 now. Frankly, SMALLVILLE has ruined Doomsday's chances at being seen on the bigscreen, and will further ruin it this coming season. Ah well.