[Update 7/18/2004: It's been confirmed by "Variety" that Bryan Singer will direct AND develop the upcoming Superman film.]
Aint-it-Cool-News.com says this is confirmed, but I haven't read it anywhere outside of that site, so take this for what it's worth...
It seems that J.J. Abrams script has been circular-filed (YES!) and that the team who brought us X-Men 2 (or X2 for all us fanboys) will be helming Superman 5. The team of Bryan Singer, Michael Dougherty & Dan Harris will be writing, producing, and directing. Not all of them doing everything of course, but you know what I mean.
If this is true, I think it is very good news indeed. It would mean a team with a proven track record is in place, no "cyber-suit" that gives Superman his powers, no "Lex Luthor is an alien", and who knows what other God-awful ideas were in there (I never read the screenplay).
X3 would have to wait if this turns out to be true, but I think that would be just fine.
Let's see what happens.