WARNING: The following article contains spoilers for Harley Quinn #47 by Sam Humphries, John Timms, Gabe Eltaeb and Dave Sharpe, in stores now.
Lobo has always been a powerful character, even by DC Comics standards. Not only does the last surviving member of the Czarnian race have a powerful healing factor making him effectively immortal, his super-strength, advanced weaponry and space-traveling motorcycle have helped him become one of the deadliest bounty hunters in the DC Universe. He'll survive literally any attack, and can more than hold his own against even Superman. Whenever Lobo sets his sights on a new bounty, people are right to be afraid, not only because he gets the job done, but because of his penchant for brutality.
So, yes, Lobo has always been a heavy-hitter -- but now, he may very well have become the most powerful character in the entire DC Universe. Though the character makes the briefest of appearance in Harley Quinn #47, while he's on-panel, Lobo comes into possession of the New God weapon known as the Splinter of Destiny, aka the Worlogog.
The Worlogog resurfaced in last month's Harley Quinn #46, when Harley, in the service of Granny Goodness, was dispatched to retrieve a surviving splinter of the Worlogog. As New Gods fans know, the Worlogog is an artifact whose power is so great, it's potentially the most dangerous thing in the universe. Essentially, it grants whoever controls it mastery over all of time and space, allowing its user to hypothetically rewrite reality itself.
Granny's goal was to use it to erase free will from entire civilizations in order to rule over them in the name of Darkseid. Of course, Harley decides she can't allow Granny to do something so despicable, so she uses a Mother Box to summon a boom tube that leads to, approximately, "one gabillion" light years away and sends the Worlogog inside of it. And who was standing on the other side of that boom tube, a gabillion light years away? None other than the Main Man himself, Lobo.
The space-faring bounty hunter is on another planet, minding his own business, when the boom tube interrupts him. Inside, he finds the Splinter of Destiny. Of course, Lobo has no idea what he holds in his hand, or its capabilities. But still, he opts to keep it.
Now, Lobo has the capacity to rewrite the entire reality of the DC Universe. We don't know when that time will come, but whenever he figures out how to use the Worlogog, it could have drastic, universe-altering ramifications.