Well, it's sort of an elseworlds tale like Smallville and it also picks up in Smallville before Clark knows why he's so different.
However, that's where any real similarities end.
Lex and Lois live in New York City, instead of Metropolis, and the story starts in 1935 not 1989. The Kents in "It's Superman" also don't really have a clear idea of where Clark came from while in Smallville they know he came from a spaceship from the get go.
There's no meteor shower and no kryptonite at all.
Lex is more of a criminal mastermind/evil scientific genius instead of an evil business tycoon like in Smallville.
Clark does travel after leaving Smallville, like in the comics, but his reasons for doing that are not quite the same I don't think...
He is country bumpkin-ish at times and takes great joy in using some of abilities, unlike Smallville's Clark whom would never feel awed by visiting a big town and rarely has fun with his abilities.
I love that DeHaven's Clark does manage to have fun even if the weight of his responsibilities is sometimes extremely hard for him to bear. He also has an almost childlike joy when he first puts on the costume... Once Smallville's Clark does pull on the tights, I can't imagine him acting that way when wearing it not even for the first time.