It does a decent job of trying to modernize Silver Age/Bronze Age concepts, but only just manages to prove just how misguided such an attempt is. It's like trying to modernize/serious-ify Mickey Mouse comics. It just ain't gonna work.
Superman comes off as a walking plot device/abstract concept rather than an actual character, the central plot point is never really explored in any meaningful way other than some occasional pontificating from the Man Of Steel, the entire story reads like a summary of "Superman's Greatest Hits!", cool sci-fi concepts are introduced and rarely followed through on, or used as a joke, the dialogue is OK-ish and Lex Luthor's characterization jumps rapidly from "Saint" to "Devil" and back again.