Hmmmm. I would hate it if something like this happened to the Marvel Universe, but DC has given us a reboot before and I honestly think I'd be more likely to pick up a reboot if it was quality work.
One thing I noticed is that in the article you provided a link for, there was a picture of the JLA. Were those supposed to be redesigned costumes? Nothing looked new to me. Superman wasn't wearing the red undies is all I saw. I think the timing of this is interesting since rumor has it DC will lose the rights to the Superman costume in the next year or two. Perhaps they are preparing us for a permanent change of costume?