This would be better (minus the unnecessary lines). I like the way the cap attaches to his symbol.
My problem with this (and the current K-Armor) is that it really seems too "formal." It looks like something an alien ambassador would wear, not a guy who goes out and fights monsters and criminals. It doesn't say that Supes is someone who gets physical and hands on in a fight.
In a way it's the opposite of the problem with the jeans & t-shirt, which is too "dressed down." It works good if Supes was out on the streets fighting against drug dealers, companies that pollute, slum lords, Mitt Romney, etc. (Which is how it was explained at the time). But it works even less when Supes fights against Brainiac or demons and the like.