I've been reading LSH since the early 1970s, although the current Waid reboot is too bland for me -- I'll get it in TPBs, if they ever do more of those.
Other than the (natural, IMO) concessions to the animated continuity, I thought this was a remarkably faithful depiction of the LSH. Heck, they fought the Fatal Five and their HQ was an upside down spaceship. Hard to quibble there. The casting choices were necessarily streamlined -- although I liked the shout-outs to different LSH eras explaining where everyone else was -- and liked that they mostly stuck to recognizable versions from the previous reboot LSH (yeah, I'm just a tad bitter about the way they keep jerking around the LSH every few years), with Lightning Lad/Livewire behaving like the complete pain in the butt he's been in recent decades. I was a little surprised by Ultra Boy's absence, as he's the kewlest of the LSH and has an easy costume to render for a cartoon. (Cosmic Boy is a drip, so no loss.) I'm definitely looking forward to Timber Wolf, myself.
The Brainiac 5 thing bothered me a little, until I realized they felt they had to explicitly connect him with the animated Superman Brainiac. He's likewise not my favorite version of a never-well-handled Superman classic, but I can see the logic and forgive the changes to Brainy. It'd be nice to see him with a force field, though.
I loved the vibe of the LSH sitting in the Kents' kitchen in Smallville, which was reminiscent of a great Mordru comic from the 1970s. Hopefully he'll be one of the next villains.
I found this a lot more enjoyable than I do Teen Titans and almost on par with the peak of the Dini Superman and Batman stuff.