Smallville, in the midst of a creative resurgance this season, decides to do away with that progress and instead rip-off Charles Dickens and "It's a Wonderful Life" in the show's first ever "very special" episode, all too often a sign the writers are running out of ideas. The result is 'filler episode' packed with all the treacly, sentimental, emotional manipulation that really has little place in the show, while not advancing any story arcs.
In the midst of determining whether to commit yet another of his increasingly common misdeeds, Lex is shot, and in a coma sees what his life could be like if he could only be good. Flashes of his, and others', happiness in an impossibly joyful Christmas in the near future let Lex see all that he really wants out of life. But it also lets him see that just like the happiness that eludes him, he would also be vulnerable to the greatest despairs in life. Sadly, that moment makes his ultimate decision, and the only real twist on this common TV formula, all too predictable to the audience.
Meanwhile, we get treated to a sub-plot of seeing Clark play Santa for Chloe, who needs help with her charity work to get toys to the needy. Of course, no satisfactory explanation is given for Clark's newly-found lockpicking skills, as he enters homes to deliver toys with apparent ease in crime-ridden Metropolis. Glossed over is also the fact that none of the homes he visits seems to be inhabited by paupers.
In the end, Lex ends up right where we all knew he would, and Clark still gets to gave his happy Christmas at home. Hopefully the next episode gets back to the story, because this episode was a lump of coal in our stockings.