It apparently does it for a lot of people. For me, it falls almost completely flat. Then again, I don't think
All-Star Superman, or Grant Morrison in general, are all they're cracked up to be. (Morrison's hopelessly convoluted and pretentious
Final Crisis may be the single most torturous comics reading experience I've ever had.)
J. Michael Straczynski placed Superman in a similar situation once, and IMO wrung much more depth and emotion out of it. It's been discussed on the forum before,
starting here and continuing on the next page or so of posts, if you're interested.