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white  
  ::common symbolism::
innocence, purity - innocence possibly in the way Lex is defeated by both of his fencing opponents (first whatever her name was in the pilot episode, and second papa Luthor), but this is a stretch. I don't know about purity...
::other ideas / interpretations::
peace - I don't think I would call the situations in which Lex wears white peaceful, but maybe in a way his white suit in Hourglass is symbolic of a kind of self peace for Lex, and an end to his gray uncertainty. White is most strongly linked with light, which allows one to see all of the other colors. therefore the suit echoes or reinforces the idea that this is Lex's moment of crystal clear clarity. it's just too bad his peace involves death and destruction... oh well. I guess it's true what they say, one person's heaven is another person's hell...
frustrated fencing white in Hothead
  humility - same feelings as I noted in the common symbolism section. Lex tends to wear white when he is made to feel humble. except this is totally not consistent with proud Lex in his presidential white suit. hmmmm...
   
 
youth - same as above. plus youth could be associated with feelings of newness, as in president Lex's new position in life.
 
::a few more thoughts::
death
I think this is the most plausible interpretation of lex's wearing white, at least in Hourglass. In Eastern cultures white is a symbol of death. An obvious example of this is in when lex brings Cassandra a bouquet of white roses just before she passes away. Also one could interpret Lex's wearing a white suit as a sort of death. In doing so he marks the end of his former more middle of the good/evil road self.
bouquet of death in Hourglass
faith
 
It's a stretch to call president lex a god, but he could be seen as a savior of sorts. I don't know a whole lot about the present comic book Lex, but I have read he achieves many good things for metropolis - saves the city from crime in a sense. so... there is a slight connection here. this theory would work wonderfully if you interpret cassandra's visions as told from the perspective of the person being psychically read, rather than a telling of the future by way of Cassandra herself. Ascribing to this interpretation would mean that future president lex sees himself as a messiah, yellow halo and all. But anyway... follow this link for more on Cassandra's dream.
 
 
 
 
 
 
 
(Lex's) heavenly white in Hourglass