You really have to read the stories proper that Q is drawing from to fully appreciate what he is doing in this arc...but this is by far my favourite arc of the series. He is interweaving Superman and the Legion of Superheroes, New Krypton, and Smallville Season Nine pretty much flawlessly while advancing his plot for this season and bringing it all together. Truly masterful.
I think both you and AJK have far more empirical knowledge of the source material than I do. From my perspective, it's just a very entertaining SV story, though I realize that it's a bit more involved than that.
Just finished reading #47 last night and I too, had kinda forgotten where things had left off. I probably should've read 46 again first, but I think I managed to connect the dots. Nice to see Rokk and Imra again. I still haven't quite figured out yet how this all fits into the coming crisis (which I assumed took place over a millenium ago in this particular future).
Three more issues to catch up on...