Jim Lee's Superman costume has always been really variable in terms of quality, depending on how the artist approaches it and how they pull it off. Lee makes the costume look great effortlessly. Despite not seeming to have liked it a lot personally, I've always held that Rags Morales made the armor look awesome - if not as good as the t-shirt and workboots.
A less fiddly-detailed version of the armor almost always looks great though, and this variant cover's take definitely fits into that category!
I always thought based on the art, that some artists always seemed kind of uncomfortable drawing the armor though, and I don't think they should have had to do so. Just as some artists don't seem to be able to make the briefs or trunks look good - like Jim Lee himself.
Superman has several display cases of variant costumes in the Fortress. I always thought that artists should always just be able to draw whatever suit they want or whatever is appropriate for the story.