I really liked when Clark first encountered Oliver Queen on the motorcycle, acting so stern to him and the 'you owe me one' line -- I hope this, just like the last scene, starts to build a great green arrow / superman dynamic, just like we have a superman/batman dynamic.
We shouldn't hate Green Arrow because we can't have batman, and we shouldn't hate green arrow because he is similar to batman -- we should embrace him, as a great dynamic in the show, and as a secondary character in the DC universe getting put in the spot light for a bit.
Batman wouldn't be where he is today, if people didn't want to tell his stories over and over again for over 50 years. Maybe this is a chance for the character of green arrow to have a popular story, and grow the mythology of the green arrow - just like the mythology of batman grew through popularity.
Also, Green Arrow isn't exactly like Batman, he does have many witty lines in Smallville that probably most of us are ignoring because we are amazed with all the gadgets and trying to compare him to Batman.
I agree that the Lois-looking-for-green-arrow-identity bits were classic Lois, and really gave Erica Durance a chance to shine as the character of Lois Lane.
Last but not least, let's remember that Smallville is one of the great instances where the world of comic books and all of their mythology is being adapted to a medium that is extremlely popular amongst non-comic book fans, and provides the means for people to get interested in those characters. I'm not upset about Batman not being on Smallville, I'm excited that Green Arrow can be. I'm excited that the show is popular, and it will create a desire in the populous to see more of these characters in new stories. There are many great DC stories to tell, and Smallville is telling some of them in a new fashion, that will hopefully have story arcs, plots, and characters that will last a couple more seasons or spawn some new series that we can continue to enjoy for years to come.