Can we cut the Magneto stuff? I'm also not very fond of the Mercy/Lex thing either - it seems a little tad unsophisticated for Lex.

Your Lex reads a little too "Mwahaha!" evil. Too Norman Osborn in Dark Avengers. I'm not sure whether you ever read it but I think Lex at this stage is more Helmut Zemo in the Thunderbolts. He's been funding the world's premier super team for several years and whilst it began as a ploy to spite Superman there's a part of him that is beginning to [i]enjoy[/i] the adulation. Rubbing shoulders with Captain America has rubbed off on him more than he'd like.

Ultimately he's still Lex and when push comes to shove he's [i]still[/i] going to be the same old Lex. But... don't be afraid to have a little fun with him being in charge of the JLA. A little uncertainty is a good thing.