I like what they've done with him in the Ultimates. They looked at the character and said "Captain America is a Super Soldier, not a Superhero." So he has no problem with killing and obeying orders. And they focus more on the man from the 40s stuck in the new millenia. So he still has the whole "Women belong in the kitchen" attitude, and doesn't understand why people are offended by that.
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I have two problems with the ultimate universe... well three but ones kinda just a problem in general
1) Shield is EXACTLY what everyone is worrying will appear right now (a leviathan like branch of the government who can kill people without care or authorization. they also control anything that's not "normal")
2) the ultimates are having a competition to see who's the bigger ass hole
3) spiderman is WAYYYY too emo.