It's another disjointed episode, but I'll do my best to try to summarize everything here.
Lois decides she wants a job on TV because print media is dying. She gets Clark to help her audition for Good Morning, Metropolis and despite their being horrible in front of the camera, they get the job. Yes, they both get the job, because when the cameras are off their bickering somehow convinces the producers that they're naturals. Their first assignment is to find dates via an Internet matchmaking site and then report on them. This leads to all the wacky hijinks you'd expect, with Clark and Lois jealous of each other's dates. Lois's date turns out to be Oliver. He makes a play for her, but Lois gently shoots him down because she's in love with Clark. In the end, Clark and Lois lose the TV gig, because Smallville is not about Lois and Clark as TV show hosts. Clark, thinking that Lois and Oliver are together again (because of the wacky hijinks and all), decides to step aside until Chloe tells him to stop being such a martyr, so he goes and plants a smooch on Lois right in the middle of the Daily Planet's basement office. The episode ends there so it's anyone's guess as to how they'll inevitably backpedal from that week.
In Oliver's other plot, he's busy trying to rescue Mia "Speedy" Dearden from a life of prostitution. He sees her fighting (and beating) a guy twice her size at one of the city's ubiquitous fight clubs and decides she can be trained to be a hero. Her skuzzy pimp proves to be a bit of a hurdle, but Clark saves the day when the guy decides to go after Oliver, guns blazing.
In the "C" and "D" plots, which seem like they belong on a much better show, Chloe is tracking the Kandorians but running into trouble because she needs info that is locked behind Tess's many computer firewalls. She eventually discovers that the mastermind behind the firewalls is Tess's young minion, Stuart. Chloe's so impressed that she decides she should offer Stu a job. The Kandorians, meanwhile, have been busy in (sadly) off-screen machinations that have made Zod the chairman of a company that's funding Tess's solar-powered building project. Zod tells one of his soldiers -- who himself has maneuvered himself into a position as one of Tess's security guards -- to find out from Tess what she knows about Jor-El… and then kill her. Zod waits at a street café with quiet confidence to hear back from his soldier. What he gets back instead is the soldier's dogtag, covered in blood, delivered to him in a plain white envelope. When he looks up, scanning the streets for the mystery messenger, he sees Tess standing across the street, smiling calmly at him. Game on, sucka.