Officially, here's what we can confirm: Action
Comics is five years behind all the other #1s, except for Demon Knights,
which is a few hundred years into the past. This undoubtedly is to whet our
appetite for Etrigan, Vandal Savage and dragons exploding through roofs. The
backstory on Action is for Grant Morrison to explain how Superman became
the newly armored Man of Steel, while acting a bit more morally grey than he
has in the last few years.
Or to take it another way, what happens when
Superman grows up on nature compared to the nurture?