Well, not 'lost', exactly. It's taken by a wee tyke, but things turn out for the best as the super-resilient cape both inspires and defends.
Other bits of business in Grant Morrison's story include the least subtle hint yet - heck, I'd go so far as to say it's a reveal - as to who the man in landlady Mrs Nyxly's life is; Lois Lane, Jimmy Olsen and Perry White's first reading of the symbol sported by the mysterious strongman popping up around the city; and Clark's assessment of Lois' writing style which shows he's quite the wordsmith himself.
This is solid, inessential fare, filling in the background of things we already know, or could guess at - but by cracky, it's entertaining. The biggest thing this story does is provide a bit of depth to Jimmy, letting us know something of his family background and what drives him.
A back-up written by Sholly Fisch and drawn by Cafu shows us what prompted Erik Drekken to begin the research that wound up with him able to slide up and down the evolutionary scale and a member of the Anti-Superman Army. It also colours in some of the detail around recent villain Adam Blake, aka Captain Comet. It's an intriguing, good-looking time-passer, but other than the (rather guessable) Drekken reveal, more a bonus than a necessity.
The cover is by Reber and Oliver and it's of the quality that could see it mounted in the DC offices for years to come.
Overall, I'd say this is Action Comics marking time, giving us the zero issue required by DC's marketing team, but holding back its best tricks for the regular monthly. Nevertheless, it's more skilful, stylish and entertaining than most superhero books out there, so recommended nonetheless.