According to Variety, several of the rights to the Superman character have reverted back to the family of one of the Superman co-creators.
http://www.variety.com/article/VR1118007269.html?categoryid=13&cs=1&nid=2563
This should not affect Smallville too much - hopefully - as the series will surely be over by 2013, and the story elements that DC no longer has the rights to will hopefully not be affected.
I'll leave my opinions on this matter to myself, so I don't alienate those readers who may disagree with me. What I will say, though, is that it's fortunate that current work-for-hire contracts make it very clear who owns what so situations like these will hopefully not recur in the future.