To really do super heroes correctly I think a network needs to get the liscences for several shows, put all on for simultaneous broadcast, and then cross characters over. One of the big problems with comics is that part of the appeal is not just the characters, but the overall universe, and how interwoven things are. While Smallville had some success in the way it handled other DC characters, and illustrated to some extent when you need other super characters, but also demonstrated at the same time why you need to be able to focus more on those characters on their own to really capture the essence of what is supposed to make the shared universe cool.
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When it comes to Wonder Woman, I think a lot of people don't understand the character. In part I blame the fact that they keep re-launching and re-defining her, making the specifics of her origin unusually hard to pin down compared to a lot of other characters. What's more there seems to be an attempt to "modernize" her into a current feminist Icon when that was hardly the point of the character.
As I understand things from a bit of reading on the subject, Wonder Woman was created at a time when bondage was a big thing in adult entertainment. Stanton, Klaw, and Betty Page were all pretty big for example. What's more at the time you were dealing with a situation where part of female empowerment was the display of sexuality, contrary to what you see now. As Moviebob pointed out when he talked about "Bond Girls", and even things like "Playboy" decades ago that kind of thing was not seen as being exploitive in quite the same way. If you've read about modern feminism (which I have had to do, especially back in school) you'd know that for the last couple of decades there have been big battles within that philosophy over concepts like that, and when feminism becomes restrictive, and fear of exploitation or the preception of other women, has the end result of socially chaining women into roles just as effectively as when you saw it done legally.
The point of the character was that Wonder Woman was a strong woman, who could appeal to a dual demographic of both young men/teens, and women. Being something of a bondage queen (she's going to beat you down, tie you up, punish you, and make you tell the truth!) aspects of that subculture could let them downplay the actual sex, for purposes of ratings and the like.
A point about Wonder Woman also is that she's supposed to be an outsider, and unlike many other heroes frequently wrong in her approach to problems. Conceptually she's supposed to be an Ambassador from a highly advanced, hidden isle of Amazons. A society that believes it's utopian, and superior to the outside world, and by sending envoys it's condescending to do the rest of the world a great service. While advanced and powerful, it's hardly everything it believes it is (there are organizations all over the DC world that possess equal or superior technology/magic). This is an aspect of the character that seems to be eclectic in how well people remember it. A good example of this would be during say the "Kingdom Come" alternate future here Wonder Woman is one of the "classic" heroes break from the code of ethics and agree that one needs to resort to killing to solve problems. I don't disagree with her in principle actually, but by doing what she did WHEN she did it, she ultimatly created the entire problem at the conclusion of the storyline. Wonder Woman is not supposed to be bumbling, or flat out wrong, but she's supposed to represent a counterpoint to conventional morality when appropriate, and whether she's right, or wrong, gets her way or not, it's supposed to represent something of a statement about society. On some levels Wonder Woman is about... enlightened barbarism.
I think this series is doomed to fail because if I was reading the right thing, the idea seems to be to have Wonder Woman raised in the human world, among other things. What's more I think there is going to be too much of a focus on making Wonder Woman a "strong, modern woman" and trying to have her embody what a lot of people think modern principles should be that they are going to TOTALLY miss the entire point of the character.
See, Wonder Woman is supposed to be an fairly icy sex bomb adventuress. She's just as much an outsider or "alien" as Superman is in her own way. While she deigns to follow society's rules on a lot of levels, she had her own code of ethics which has been known to trump them, sometimes with catastrophic results. What's more she's so arrogant that her Kryptonite is having a gauntlet of challenge thrown down (and this does not have to be gender based). In fact during the "Tower Of Babel" storyline, this was a key element of Batman's plan to disable her (without killing) that was stolen/implemented by Ra's Al Ghul.
I think the old TV show, despite having an actress that looked the part, is a bad example to use. It shows it's age, and at the time that came out simply having a show about a super hero (and with some kind of a female lead... I believe this was also around the same time as "Charlie's Angels") was a big deal. Today we have not only *quality* movies n the theaters, but TV shows like "Smallville" for them to compete with that have demonstrated short comings that should be overcome (above and beyond what I've mentioned).
I also think that banking on the audience's ignorance of a given character is a bad move. Wonder Woman has been around for decades now, and no character endures that long (relaunches aside) without having a pretty substantial fan base. What's more the core audience of people reading comics is older than before, and despite some very mixed reports about modern comic sales, I think more people have been reading comics than ever before due to the Internet and the easy availibility of back issues and the like (without getting into any discussions about piracy, torrents, or legality. That's not the point of the debate, I'm just stating this because it affects the audience).
The biggest problem with Wonder Woman and an audience is that while "Superman" and "Batman' have remained pretty consistant in their origins and what abillities they have, Wonder Woman has not. Is she an empowered mortal? A Demi-God? A mortal who became a god, and then returned to being mortal? Is she a princess, or merely a champion and envoy? All of these are valid questions and do present some grounds for a relaunch, though her origins on an advanced island are consistant. I think her personality has been scitzophrenic at times due to politics and people trying to make the character "mean something" for women when it should stand on it's own. The most consistant personality traits and backround do not seem to be in keeping with what I think I've heard about this show (the whole growing up human thing).
Ah well, apologies for the length. I'm sure many people are going to disagree with me (for a variety of reasons) but that's my thoughts on the subject.