I really enjoyed the action sequences, along with the banter between Lois and Clark. Oh theirs is better than the Queen's, because while I liked Chloe a lot in the show, nothing beats Erica Durance's delivery of Lois' lines and that's what I still hear in my head.
The exposition, build up and cliffhanger at the end were good. I can see this work on two levels: people that know the Henshaw story can easily see where this is leading up to (and I assume, enjoy it) and people who don't know him must be intrigued to see wth Lex is going to do next.
To me it feels like the comic is picking up a lot of momentum. Maybe they figured out the right pacing for this format or maybe it's just that the story is really kickin in now..Dunno, but it's working well for me.
From what I've read of Jonathan Hickman's work, that seems to be his M.O. I could generally say the same of his Avengers, New Avengers and FF that I've read. I do like Hickman's crazy concepts and ideas which is why I stick with him.