While I consider this Insta-Fail in the First Degree...I will only really get p'od if the new movie they're working on decides to use this (or someone in DC decides this should be the new canon).
I see absolutely no problem with it and it interests me. It's Superman/Clark Kent when he's just getting started in Metropolis (with maybe little chance to be Superman in Smallville). If he's learning what type of person he needs to in the book, then I think it'd be a success.
I read it. And trust me guys when I say while it's a simple story, it's perfectly told. It's well paced, well written, well drawn and it feels... Real. Like a real Superman. Trust me, if you get the chance, read Superman: Earth One.
Just managed to catch an opened copy at Borders. Actually far better than I thought. The lack of Lex was kind of weird, but the beginning scenes with Clark trying to figure out what he wanted to do was great. All in all, I think this one is a solid story. That artwork with the Alex Mercer lookalike only pops up in one scene when he uses it to intimidate a mugger.