I for one think he would be more interesting as a character. And not because he would be attractive to men as a woman. But for the reasons stated below:
1. Imagine superman as female character, but with his same personality, along traits that fit a feminine perspective instead of a males. Basically you would have a dignified woman character like the original superman. The big difference would be how she would handle things. If written properly she wouldn't handle things like Superman would, if anything she would be prone to probably think over things and be anything but brash. She wouldn't be like Supergirl to say the least. She might even second guess even being a superhero.
2. Since she would be like a female superman, she would have black or really dark brown hair of course. No biggie. So long she is NOT supergirl.
3. This would seriously change ALL of supermans history on Earth. Who knows what would happen. But I think it would be interesting. Because as any guy should know, women have a perspective of things that men don't, which would seriously change things, given the power she would have. It would be funny to see her relationship with Lois, which would no longer be romantic but would likely begin to annoy her, given how many times she would have to save her.
So your thoughts ladies and gents. What do you think? I really think the fact that Superman being a woman instead would seriously change how other DC characters treated him, Earth too. Even his villains for that matter.
How would the doomsday fight go if Supes was a woman?
How would her relationship with Luthor go?
And how would her relationship with Earth go? Lois included?