meh, I don't see why they are rebooting this one now. I don't like costume, but assume there will be a lot of CG put on top of it. My dislike is more of a general dislike of guys in tights. I would think a heavy denim or leather would offer more protection then spandex.
Spidey 3 bombed so hard, I can only assume that has something to do with it. They're probably also trying to update the tone to that of the recent, popular superhero films; don't forget, it came out before Batman Begins and Iron Man changed the whole scene.
As for the tights, I think Spider-Man's one of the few superheros that can justify it. The guy does so much gymnastics that anything like denim or leather would seriously constrict his movement. I definitely don't think in his case, that it has much to do with protection.