This was surprisingly enough the best issue of the series. And I would say that stuff does happen here. Just as surprisingly, Worlds' Finest #3 was the best issue of that series so far, thanks in large part to Kevin Maguire, who has a virtuoso performance here in the flashback scenes, with his use of expressions, that one panel nod to the Amanda Connor Power Girl in semi-classic costume, the nod to PG's Cat, and other things like the expression on Kara's face as she's using her x-ray vision to look at guys...
Even the ending homage to Toho monster movies was amusing, though that was Perez.
But back to Earth 2, we get introduced to Alan as GL, and he actually has a costume that doesn't suck. We get some good Hawkgirl/Flash byplay, complete with references to Dr. Fate
. We get the villain, Rot/Grundy
. We get the villain making his move and GL fighting him, making his public debut. I'd call that a lot of movement for one issue.