Not horribly, no. Yes, he's very good, powerful enough to be good for his points (with the Subterfuge), and has an uber-stealth until he makes an attack... but he's easy enough to control when he exposes himself (swarm him) that he would be difficult to run in a 300 point game and be competitive enough to beat other "meta" teams out there.
I could see him being incredible in a 4-600 point game. Just my opinion. ;)

I don't think you'd be able to use his TA if his regular outwit is countered.


Edit: Never mind, you get to choose sources now.

If his power Outwit is countered, you absolutely CAN use his team ability outwit. It's been ruled that way for years.

I agree, SE team ability can be used when his normal outwit is countered. However him having the team ability has several other uses. He seems like he is meant to be played with bizarro from this set, who is a higher point value. Also when he is played at 100 pts, there are several other figs that share a keyword, have SE/wild card TA, and are equal or higher pts so he will still have outwit and another fig can get it.

Playing him at 100 points actually seems preferable to me if you was to get the most out of his trait. Not being able to attack with him when he costs that much seems unfavorable.

Calling it now, best figure in the set. No targeting allowed unless you begin adjacent is insane...

Baneful, beastly, corrupt, execrable, heinous, loathsome, maleficent, malevolent, malicious, obscene, offensive, pernicious, villainous, wicked: if you were to look under "Lex Luthor" in a Thesarus, these are the synonyms you'd find for him. 300 Point Games might limit your ability to play him at his Full Level, however in any Point Format >300, he can infuriate your opponent. 5 Stars

How does Subterfuge work with wxm045 Phoenix? Her Outwit says it affects all opposing characters "within range and line of fire", but she is neither targeting nor drawing line of fire to the figures.

haven't tried in a low point game, but at high ones, he's devastating

if lex uses the impact ring and rolls a d6 to blast them back...does he keep subterfuge token since he doesnt technically target the opponent with an attack as he doesnt roll any attack dice?

This is best to ask in the Rules forum, but Force Blast is not an attack so he wouldn't lose his token.

His "Justice League" keyword and wildcard status are crucial here. Find a cheapish League Batman and have fun.

You can't outwit him if he has a Subterfuge token on him though, right? It says he can't be targeted...

Correct, opposing figures can only target him (including with OW, Perplex, etc) if they started the turn adjacent to him while he has a Subterfuge token on his card.

The lack of Armor and Scientist keywords is so disappointing.

So Lex here carrying around Elongated Man is a pretty sick combo. Add in the New 52 Justice League ATA and some ID cards (Superman and Black Canary?) for a pretty solid 300 point Modern team.