I think Singer's approach makes a lot of sense. Remember Donner too didn't base STM solely on the comics. A straight interpretation from comics to film doesn't work -- the mediums differ in some major ways. Even Raimi has said on occasion that while staying true to the comics is important, not everything can be that way. Come on, Spider-man is serious, but there are plenty of moments in those movies where you can point and say, 'wow, those lines sound awful or, man, that looks campy'.
Singer admits he's not into the Superman comics, and that doesn't bother me that much. In fact, while the Reign of Superman/Doomsday stories were great, I was hardly a fan of the earlier scripts that tried to incorporate them on-screen. The scenario just sounded whacky, and frankly, dumb.
The writers read 4 Seasons, and that IMO captures quite a bit of what I'd like to see in this movie. This is about Superman/Clark Kent, and adding a genuine human character -- which is lost in a lot of S-man books because I think the comics tend to focus on Superman the invulnerable boy scout rather than Superman the emotionally tired/struggling character. In comics, Superman is all about truth, justice, blah blah -- onscreen, I want far more than that.
That's why Donner's movies were so awesome. It took the basic story of Superman and translated them into the real world -- where he faced the real situations and it didn't feel contrived. I've said it SO many times before, but Singer is not so much imitating Donner as they both share the same philosophy. Had Singer NOT referenced Donner and made this movie, I honestly don't think it would be too different than it is now.
Singer is all about character driven stories. This is why a recent critic of X3 said that had Singer directed it, he wouldn't have added all those characters because there was no development. Singer's less on action, more on story -- and that is his style, which works for me. Now, of course, it's not for everyone, but Singer's proven he can do action and character together quite well (X2), so I'm confident we'll get an emotional and real story about Superman.
It may not be based on the series of S-man books that are out -- but books mentioned here like 4 Seasons, Birthright, Identity -- I think we're going to see a movie much closer to these approaches.