Like the original cover for the original volume of Action Comics, it depicts a vaguely scary, rather alien Superman lifting an impossibly heavy object over his head.
It also shows off the new, temporary Superman costume, comprised of a t-shirt, jeans, work boots and a red towel wrapped around his neck. This is the new version of Superman that writer Grant Morrison has been referring to as a blue-collar, Bruce Springsteen, folk hero version of Superman.
There will, of course, be a variant cover to the issue, and it is also being drawn by Morales:I like artist Rags Morales quite a bit, and these are both very strong images, particularly the first one. In the second, it looks like he was really emphasizing the word "action", with Superman bounding away from pursuing police officer, bullets bouncing off his hobo pants.
But in both cases, they just don't quite say "Action Comics #1" to me.
Something's...missing. Although I can't quite put my finger on...
I've got it. Yeah, that's much better.