If there is any right way to reboot Superman, it can't get better than this. Finally we have a Superman this generation can connect with. It's one of the best coming-of-age stories incorporated into Superman's journey.
The story has a younger Clark Kent who like any other youngster about to start his life, is faced with choices. And even though one might think, that his choices may be slightly different than yours or mine, that's not the way it's dealt with here.
What would you do if you have the kind of superpowers Clark does, at that young age? Chances are that the whole 'dedicating life to serving people and saving the world' concept wouldn't kick in then.
Clark explores opportunities to excel in different fields -- be it in sports, business, science etc. He knows what his abilities can grant him and his family. That is what really works in this reboot -- a human element which has not been explored earlier. Finally we have a Superman who's conflicted about life's real issues and the 'duality' factor becomes secondary.
Superman: Earth One's storyline in the larger sense pretty much follows the norm but in a slightly updated way.
For example, the whole new explanation about how and why Krypton exploded suddenly is done in a very cool way. Also, in terms of characters, JMS introduces a couple of new ones into the world of Superman and it fits brilliantly -- a government-employed female scientist works to crack the mysteries of a piece of alien technology, and a powerful male alien with a giant spaceship and a special connection with Krypton wants to finally complete his life's sole objective.
A film adaptation of this comic book could have been the perfect origin story for Supes, not that Man of Steel didn't have its moments.