I'm not really a big fan of either Lobdell or Booth, but both of these guys are clearly doing their damnedest to try to salvage Wally from how badly Heroes in Crisis ended his arc.
I think Lobdell has a pretty good job so far, given the situation he's got to deal with. Sometimes, my preference is to simply ignore bad stories or character directions and hand-wave them away as quickly as possible, but I think there's enough potential with Wally's current low that a good story could be told seeing him crawl back into the light, while simultaneously explaining away the worst parts of Heroes in Crisis without completely negating it, as I'm sure the story has
some fans and DC still wants to sell TPBs of it.
Johns was able to accomplish a similar feat with both his Identity Crisis aftermath story and, most successfully, with GL: Rebirth, that managed to not only course correct Hal Jordan, but set up the whole GL mythos to reach new heights.
I'm highly doubtful that Lobdell will be able to pull that off, but I'm certainly intrigued enough to come back for another issue. As long as the second issue isn't a total fumble, I'll stick around for the entire miniseries.