Kreuk is a horrible actress, although I still love her.
I really wasn't too thrilled with Lois going to Smallville. I always thought that Metropolis was the meeting place between Clark and Lois. At least, hopefully, they're not going to have Lex and Lois meet (seeing their future marriage).
I think the best thing to do (unfortunately very unlikely) would be for them to finish season 4, and say goodbye to Lana. Chloe and Lionel should both be killed by Lex to cement his evilness. Then, the epic Clark vs. Lex can begin in Metropolis with Lex as head of Luthorcorp, and being the main foe in the first movie, as Clark goes off to College. That'd be awesome IMO.
Xand.....that was the young Lex, and he did an awesome job as well in that show, but I know what you mean
Off topic: Annette O'Toole and John Schneider are the best Kents ever......hands down. They have the whole parenting thing down, and their scenes with Clark are goosebump-raising.