Haha... I was reading comics regularly back when the Blue/Red Superman angle came out. I didn't mind it at all... I suppose I'm not a hardcore Superman fan so that could be why.
I liked the fact that he was powerless when he wasn't in energy form, and the whole constructing the suit so his energy mass could be contained. I remember an issue where he got Booster Gold to help teach him how to harness his energy abilities.
Also I think the updated "S" was very cool.