In this version of Superman he was supposed to have rebuilt himself with kryptonien technology when he went to visit the ruins of the planet. Not just built some kind of iron man suit but also given himself all kinds of implants and whatnot.
If i remember right from concept drawings that were floating around the internet he even had god damn frankenstien bolts coming out of his neck.
That being said I have to admit that costume looks pretty cool. If i pretend it was not supposed to have anything to do with Superman.
Jon Peters was also a producer on the Michael Keaton "Batman" movie. While that movie did some important things (mostly making Batman's world a dangerous place), it also suffered from its share of poor vision, such as Bruce Wayne sleeping upside down like a bat, or Batman killing people / allowing them to die. Not sure how much of that was Peters' vision.