Quick background: Superman I and II were shot simultaneously by Richard Donner. However, do to a lot of disagreements, the producers of the films (the Salkinds) fired Donner before production was entirely complete on Superman II. They brought in television director Richard Lester who reshot scenes and re-worked certain parts of the film.
What I don't know, and I'm not sure anybody but Richard Donner knows, is what the original film was supposed to look like. While most folks like Superman II due to the action elements, in The League's opinion, Superman I is just a much better realized film. One wonders what a cohesive Superman I and II would have looked like.
According to an interview I read a few years ago with Jack O'Halloran (Non from Superman I and II), Lester was brought in to do everything quickly, cheaply, and not to care too much if the actors were going nuts. Reportedly using TV set-ups (such as multi-camera set-ups) and other short-cuts, Lester did little to endear himself to the returning cast.
According to the e-mail from Nathan Cone today:
Also today, there are online reports from various Superman-themed websites(including Superman Cinema
Honestly, I always sort of assumed the Richard Donner cut was an urban myth. Like the guy who wakes up in the tub with his kidney missing, or Delaware.
You know The League will be watching closely as news develops.