Saw it over the weekend. It's pretty good, maybe not worth shelling out $8 to see on the big screen, but definitely worth renting on DVD.
Spacey as Luthor was inspired. Made me forget all about Gene Hackman, not an easy thing to do!
Trivia time: The kid that played Lois/Superman's son is a distant relative, found out from my mother-in-law. It's almost a Spaceballs moment: "I am your father's father's half-sister's daughter's husband!*" "So, what does that make us?" "Nothing!"
(*what does that make us, anyhow? Third cousins? Twice removed??????)