No, I really don't buy Wonder Woman as a female Superman, Ben.
As eccentric as some aspects of Superman are, Wonder Woman and her creator/creation story are a lot more whacked! "Whacked" is the best way to put it. Seriously. Crazy/deranged/psychedelic doesn't begin to describe Wonder Woman and William Moulton Marston, her creator... I think "Alice in Wonderland" and Lewis Carroll might be the closest English analogue. There are things that you just don't want to think about too much because they're not going to make much sense no matter how you try to rationalize them, period. You just kind of have to go along and enjoy the ride as-is.
The character's colors???? Well, she's a World War II creation and an American-published character so it's natural that she wears a patriotic outfit. Does it make sense and DO HALF the people who even know about the character appreciate this? Probably not anymore... IF DC had at least kept her tied in to World War II like the Justice Society of America characters then the costume would make more sense to more people but the fact is, in their "esteemed wisdom and greater knowledge of how the world really operates" DC editorial decided to make Wonder Woman a modern character and completely forget about her past! No longer a JSA member, no longer a part of WWII, always a young woman and naive to the workings of Man's World...
(Yeah, that part never made much sense to me... It's not like Wonder Woman and Superman were really normal human beings to begin with! They're fictional.... On top of that, they DON'T have to be completely mortal beings like Batman. Batman's the only one of DC's Trio that really needs to be set in the modern era for the most part.)
BUT anyhoo, as we're going to see more and more with DC as time goes, people are not going to like a lot of the upcoming changes..... especially if they think they're going to be permanent ones. (It's just going to annoy and discourage the rest of us, AGAIN, who know better.) I already think the costume changes were unnecessary and bad as-is. It's not as if the majority of people LIKED the past year's WW costume changes. You kind of get used to most of these things after they've been around for 60+ years. All the complaining about the exposed skin on her traditional costume makes even less sense to me, too. There are women who regularly wear less than that at the beach and it's not as if any of us come in the world with clothes on our backs, so yeah, I never understood the hyper-feminist harping about Wonder Woman's or any long-term superheroine's outfit. Especially when it comes from other men!

Most women I think like the traditional outfit better, too. It's what they grew up seeing, AND, if they're really fans of the character, they wouldn't change it, either. Can many of them wear it? No, but then again not many guys look that good dressed up as Superman, Batman, GL, or The Flash, too! I've been lucky to see at least two people wear those outfits well without looking completely silly... Reeve and Carter.