I used to have a problem with the memory erase kiss is Superman II (because, really what kind of power is that?), but recently I realized that in the 50s and 60s in the comics, one of Superman's powers was super-hypnotism, and the memory wipe could be a use of that power. That said, it's still a cop-out ending.
I remember watching the teasers for this episode with Tempus saying, "Hello, duh! Clark Kent is Superman!" and being shocked that they would let Lois know, especially that early in the series. I was also a bit surprised that they gave that plot point away in the ads, but I guess it did serve its purpose in getting me excited to see the episode. I was heartily disappointed to find out that it wasn't THE big reveal of the series.
I agree with VirginiaR in regards to the Kents: why on Earth would they keep a baby they found after a young couple came around looking for a missing baby? When Lois asks them if they found a baby, I always thought that Martha's response doesn't fit at all.
Going off of Martha's comments, I see the conversation going more like this:
"We're looking for a missing baby. Have you found one?"
"We can't have kids, so if we found a baby, we'd love it like our own."
"No, really, we lost a baby, and we want it back."
A more realistic response for Martha would be to ask about the circumstances of losing the baby, is it theirs, or are they helping their friends or relatives look, and other questions that Lois and Clark wouldn't want to answer, which is why I thought Lois shouldn't have mentioned the baby at all. She should have asked whether they had seen anything odd in the sky, or something like that. Or at least after she mentioned the baby, ask the Kents to take him in.
