May’s All Star Superman #4 by Grant Morrison and Frank Quitely was described by Morrison as the “Jimmy Olsen issue”.
"Jimmy Olsen vs. Superman, because Superman has gone bad,” said Morrison. How that happens becomes director of a covert agency called P.R.O.J.E.C.T. for a day as part of his reporting job, which happens to be the day Superman goes bad.
For fans of the days when Jimmy would turn into all sort of monsters, Jimmy will turn into Doomsday in the story. As to what Jimmy is holding on the cover, Morrison said it is an anti-Superman weapon, but Jimmy can’t figure out how to use it.