This is one of those Grant Morrison issues you'll want to read more than once. At first we're picking up on the simple events from last issue. Lois' niece, Susie, appears to have some special abilities and a strange and powerful man has come to take her away. This lead to the possible death of Lois during a battle with Superman. When psychic powers are thrown in and combined with flashbacks that may or may not be entirely accurate, you'll find yourself examining each panel as the story moves by.
The other interesting facet of the issue is the exploration of the "first Superman" mentioned last issue. At first he doesn't seem like too memorable of a character but by the end, you'll definitely want to know more about him. The others he's involved with as well as Lois' niece adds a sense of wonder to the story and makes you want to know what Morrison has planned for them all.
Of course the element that makes this story work is the time period of the story. Even though Lois is on the verge of dying, you can still enjoy the scope of the story and appreciate the separate feel from the rest of the DC Universe.
There's a pretty good battle, no back up (so that means an extra long story) as well as some closure on the fate of Clark Kent (as well as Johnny Clark). And wait until you see how Superman manages to save the day.
The "forgotten Superman" is a mixed bag of a character. The potential is there for him to be an interesting character and a formidable foe but he never quite achieves greatness...until his departure. Lois' dangerous situation was a surprise last issue but obviously we know she has to survive because of her appearance in SUPERMAN, which takes place later. That's the downside of new stories taking place in the past.
When you first read this issue, you get a sense that this will be one of the average issues of the series. We've seen some great stories along with some so-so ones. As the story unfolds, you begin to see that there is more going on than was first apparent. The kicker is towards the end and it should open your eyes and bring a smile to your face. There was a back up mentioned in the original solicit but this is a 30-page story. There were some key moments towards the end that made this a fun read, specifically the conversation with Mrs. N. We'll definitely want to see the repercussions from this issue. Hopefully they'll play out within the next four issues...