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Lex Luthor becoming President has been in the comics for years. Not sure when that story line first came out though. I can tell you that it pre-dates the first season of the WB TV series Smalleville (there was an episode involving a clarevoiant, she saw into Lex's future and envisioned him in the Oval Office).
It does present Superman with a very interesting conflict. On the one hand he has vowed to uphold truth, justice, and the American way. Unfortunately the American way isn't always aligned with truth and Justice. He honors the democracy in which he was raised, and has for generations placed himself at the service of the sitting U.S. President. As he does this he sends a strong message, that even though he is the most powerful man on Earth, he is not above the law. This helps people to not feel threatened by him, to know that even he is answerable to a higher authority, it is an act of humility. He respects the office of the President because he repects the will of the people.
But what if the people have chosen poorly. What if you know the President is a really bad man. Someone who has always been hungry for power and doesn't care how many people he hurts to get it. You have the power to stop him, but do you dare use your power to subvert the will of the people? Do you impose your clarity of right and wrong on an unwilling world, how close can you get to the line without crossing it?
Superman's morality has become increasingly complex since his first appearance in action comics. His goal has expanded beyond truth, justice, and the American way. His new role is as a gaurdian of the all the world. Sometimes protecting the Earth, and protecting the interests of the United States are in direct opposition, especially with someone like Luthor in power.
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