What I've taken from it is: I have no fucking clue what is going on or what any of this is about, but if I don't pretend that I do, all of the Morrison snobs will call me stupid.
One problem is that I think he's introduced far too many concepts, and as a result none of them get the proper development. Ok, we've got V who is the big bad, but then there were angels, and Metallo, and alternate-universe Superman, and Phantom Zone criminals, and more. I just don't feel like the through line has been presented well enough. Instead it just feels bloated and disjointed.