I can only recall seeing Olivia Wilde's work from FOX's House. If that's typical of what she brings to the screen, I say pass. Her style isn't very flexible, but she is cute.
Based on the original report that this is based off, it looks like Lois may be in, but not as large a role.
This fits with the earlier reports that this may be a quasi-origin story in which a young(ish) Clark is in the early stages of becoming (or struggling as to whether to become) Superman.
Given this will likely be a multi-film treatment, I'd assume that Lois is introduced and by the end of the first film Clark is a reporter at the Daily Planet and a relationship is budding. And the lead female for the majority of this film is simply his high school/college friend, probably dying off at some point.