Originally Posted by
Myskin
The idea is good - making him an astrobiologist, so smart that his genius makes him an outsider and desperately tries to connect with Clark Kent (and - later in his life - old Krypton) because he is in desperate need of friends, even if he doesn't realize it. It's the execution which doesn't entirely work. Too many Joker Luthor moments (grins, bizarreness). He seems, and maybe is, a model for Jesse Eisenberg Luthor.
Also: there are a couple of major plot points which simply don't work. He breaks his friendship with Clark basically because he misinterprets his facial expression (?) and the plan with the fake Kryptonians. The plan is a disaster. A huge anticlimax which fatally undermines the final fight. Waid's works are rarely without weird flaws which could have been avoided in hindsight.
He had potential though. A partially successful merging of Smallville Lex, Silver Age Young Lex, Mad Doctor Lex and businessman Lex. He surely makes more sense than the composite Krypton we have seen from Johns and - later - Jurgens, Tomasi and Bendis.