It looks like it’s going to be “casual Fridays” every day in the new DC Universe, or at least in Grant Morrison and Jim Lee’s new look created for the Action Comics re-launch, which features the adventures of a young Superman clad in blue jeans, a t-shirt, and a tiny red cape. According to Morrison: “The new look befits his status as a street-level defender of the ordinary man and woman.”
Morrison told The New York Post: “We felt it was time for the big adventures of a 21st Century Paul Bunyan who fights for the weak and the downtrodden against bullies of all kinds, from robot invaders and crime lords to corrupt city officials.”
The jeans and t-shirt costume mode may lend Supes some street cred, but the new superhero mufti may doesn't look like it's forever. As the young superhero matures and learns his craft, it appears that his costume evolves.  The Post indicates that “The series will show how Clark Kent became the world’s foremost superhero and how he got his iconic costume.”  That costume however has been tweaked—and word has it that the red briefs are gone forever.

The Rags Morales cover for the October shipping Action Comics #2 shows Supes still sporting the jeans and t-shirt look.  Morales and Rick Bryant are providing the art for issue #2 with Ethan Van Sciver creating a variant cover.