I think he's a villain, bad guy, and overall d!ck, but I just don't think he's this pure evil kick a puppy guy. That sounds really boring to me no matter how cool and calculated you make him.
I like him better when he's just bad aspects of being human taken form.
I also don't think Superman wrings his hands over Lex, but I fully believe he feels sorry for him regardless of if they were friends before or not. Lex is the smartest man on the planet and he regularly creates miracles; I think Clark is gonna feel a bit frustrated that this guy isn't doing better with what he's been given. I don't think Clark lectures Lex or anything like that (they're beyond that point), but I do think that inside Clark quietly hopes that Lex will turns things around one day, but he's not holding his breath. This is why All Star still very much works for me. That final punch to Lex is Clark shaking his head at the wasted potential.
But before that endpoint, I think don't think Clark should yoke Lex up at the drop of a hat. That just seems unstable. What's that show of force get him anyway, huh? If Clark wanted Lex dead or hurt, he, Lex, and the world world know that it would've been done by now. I'm totally fine with Superman being disgusted, mad, or depressed by what Lex has done, but the idea that nearly every time they meet Superman puts his hands on Lex seems dumb. It just feels like a set up for Clark to get a pie in the face, because we all know he ain't bout sh!t when he does that.