Moar! The dissenters just haven't read golden or silver age comics.
Neither have I, and I liked it. I imagine one's attitude going into it is important, though.
Edit: Well, this is an awkward place to end up.
It is. Time for some backstory behind this series:
During the Dark Age, in the wake of Youngblood, Rob Liefeld made a shitty, derivative Superman type character named Supreme, meaning he had the powers but was violent, psychotic and could only communicate in grimaces. When Liefeld founded Maximum Press, he managed to get Alan Moore to write Supreme. Moore had one special condition on his tenure (which would last until the final issue of Supreme ever): He could do whatever the fuck he wanted, with complete disregard to prior continuity, and no one could bitch about what he was gonna do because he'd have total creative control over the series. Liefeld agreed.
So then Moore rounded up Rick Veitch as the only regular artist (until he got a then young newcomer by the name of Chris Sprouse as the regular modern day page artist), and revamped Supreme as a farewell love letter to the superhero comics he grew up reading: Superman, the Silver Age, and the classic DCU. And a formal apology for causing the Dark Age, as he insisted he did.
Basically, Alan Moore loves superheroes, and skillfully murdered them in the 80's with Miracleman and Watchmen. And then continued to write about them. So the real question is: Is it necrophilia?
And in case you were wondering, the sharp contrast in the quality of the present day art and flashback art was a calculated move by Moore. Until Sprouse, he often got crappy, inconsistent Liefeld-era artists precisely to hammer home the point that 90's art looked like ass.
EDIT: And as you can probably guess, Billy Friday is part Jimmy Olsen, part self-parody of Alan Moore himself.