Good points all.
I like tweaking. It can take incredibly weak concepts and make them "more believable," which I think is the goal of fiction--sort of a fictional reality. Look at all the changes that Superman has experienced. For example, powers under a yellow sun don't hold a lot of credibility to a character routinely flying around in deep space. The "solar battery" explanation helped bolster fictional reality, don't you think? I've always marveled at Green Lantern. Great concept with the warrior of the guardians idea, but the weakness to yellow? Does that mean totally impervious to red and blue, but partially weak to orange?
My favorite new twists would be the original Dark Knight, Camelot 3000, Watchmen, and Miller's (and Micheline's) Daredevil. Character development was fundamental, logical, and profound. I still get nostalgic for a good Bat-mite story, but context is everything. As full of holes in logic as was the Fawcett Captain Marvel universe, they never fail to entertain in their contextual wackiness. God, I love that stuff.
I read the first two offerings of Project Superpowers and found it to be an attempt to write a new story around old characters. I never read those characters before, so the nostalgia thing doesn't work for me. The same type of thing happened in Coundown, as I had no clue as to characters (no development) or why they were so radically changed from 20 years ago when I occasionally read about them. The impact of these stories probably is directly related to when you jumped into the world of comic characters. I guess Superman has a daughter, there's another Superboy that isn't a young Clark Kent, and Superman himself is/isn't married to Lois Lane? Might be good tweaking, but I wasn't around to see it happen, so I have no interest. It's the price I pay for taking a 20 year break from comic reading.
This site has allowed me to do something that I never thoght I would be able to do: Judge the quality of comics based solely on the quality of the story telling (which includes the artwork, of course!) Regardless of whether the book has super-heroes, or is a mystery or a supernatural yarn, I can just weigh how good each piece was without the financial aspect jading my judgement. In the past, I spent a lot of money on individual issues of books which would set me to artifically elevating their quality based on what I paid (a little self-justification goes a long way.)
If you want to study an artform, this is the place.
--Dave