As for the costume, here's a breakdown of what I'd like to see:
Color scheme: The red should be the color of blood, and the blue a cool shade, something like the primary color of the modern Superman blue. As for the yellow, I've got three words: LASER FREAKING LEMON. Not only does it sound cool, It would definitely work.
Symbol:
For a more radical departure from the Donner-verse, I wouldn't mind the Kingdom Come design, but that could piss off a lot of fans.
Undies: Keep 'em. They shouldn't look restrictive, like Routh's did, however.
Belt: A lot of people have questioned why Superman would need this, and I can see their point. At the same thing, it's as iconic an element of the suit as any, and I wouldn't want to see them do away with it any more than I'd like to see the underwear on the outside of the pants gone. Perhaps a simple yellow band across the waste would be a good compromise.
Cape: It should go about halfway down the shin.
Boots: Go real old scool: