Eh, it's not really true to most depictions of the mythos or the DC Universe and is VERY loose in the adaptation department, but, the first five or so seasons were entertaining and the performances given by Lex and Lionel were freakin' BOSS to the walls and really sold me on it.
I liked smallville, it went into some strange areas at times (Lana the witch?), but on the whole was good. The major problem that I believe it suffered from was their refusal to transition Clark into Superman. We had Green Arrow, Aquaman, Flash/Impulse, Cyborg and Canary in their roles and burdening responsibility that Clark seemed to be too timid to embrace. Had the show made Clark "nerdier" earlier it might have avoided many of the recurring themes, like Clark feeling unworthy or having a "darkness", that caused the show to feel repetitive toward the end.