I don't remember Cat being in Smallville...was she in the later episodes that I didn't watch or did you just add her here? I like the character of Cat - Tracey Scoggins was over the top, of course, but I always thought something could have been done with Cat if she was toned down a bit and not just comic relief.
Great back and forth between Clark and Oliver - asserting their presence through their handshake. And I like that they immediately recognized each other through the disguises - someone who dresses up in costume should be able to see when others are doing it, too.
