Well, I think Superman is cool. It does bring up some interesting thoughts though on how the character has changed over the years. Like most comic book characters how good he is largely depends on the writer.
Generally speaking while more of a Marvel fan (much more) than DC, I feel that Superman is important to comics in general because on a lot of levels he represents an uncompromising force of good and justice. Something that you do not see much anymore. A lot of people go "gaga" about all the dark heroes, anti-heros, and the gritty spins added onto existing characters. However when you get down to it, that isn't novel anymore. It's become the stereotype, and frankly the "superhuman boyscout" of which Superman is the greatest, is needed to give them a degree of perspective.
What's more I think back in the Gen-13/Superman crossover, they addressed the issue of Superman being an overgrown boy scout rather eloquently. As Superman himself put it, "How can he be unfashionable, when I was never fashionable to begin with?". He went from being an ultra tacky/campy character mostly directed at little kids, or to capture the attention for a few seconds in a strip, to what he is today in gradual bursts. Sites like "Superdickery" make fun of how Superman has changed over the years, and the sheer depth of material (and outright stupidity) that has built up around the character.
The above crossover also sort of made a point, part of the point of Superman is that he's the one thing you can rely on. Both in the comics, and I guess to some extent in real life as his boyscout mentality gives a very clear compass of right and wrong to a great extent. As odd as it might sound "what would Superman do?" can very much work like "What would Jesus Do" if you really think about it.
The point of Superman, and what is cool about him, is that when he's around, no matter how bad things get, he WILL win in the end. That's what Superman does (and despite what people think, stuff has gotten REALLY bad around Superman, despite how powerful he is). People like to talk about putting Superman in all of these morally ambigious situations, but really that isn't what the character is supposed to be about.
I guess what I'm trying to say is that Superman means something beyond the comics. In the better part of a century I think he's transcended being "just a comic book character" to a global icon. Heck, I was reading that the Superman symbol is one of the most recognized symbols in the world, anyplace you go pretty much anyone can tell you at least the basics about him. One thing I read said that outside of the US (where it's even) more people (especially children) recognize the "S" symbol for Superman, than their own national flag.
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Personally, I don't care who wins, but I hope that whatever happens they do NOT ruin the character. Truthfully this is bigger than the creators, and bigger than DC. They should get over it.
I look at the limbo comic series like "Grimjack" got stuck in (and that was never more than a cult classic) I dread what could happen to supes in a prolonged legal battle.