The red/yellow are Superman "S" Shields squished together.
And the premise for this team seems to be that Japan treats its superheroes like "Idol Singers" - you're hot young corporate-manufactured stuff for one minute, then you're yesterday's news. The problem I have with that idea is I just don't think there should be enough superpowered individuals to support a system like that, and while you have to buy tickets/CDs to support a pop music group, with superheroes you just have to make or be in trouble. No supervillain is going to go "no, no, you're not allowed be the one that stops my earthquake machine, you're passe." Nobody about to be killed by a falling building is going to go "yuch, I don't know why I thought you were cool last month!"
Wait and see I suppose, but I greatly preferred the "Great Ten" (pregnancy-powered woman and all)