This is a hard one to review. It's half incredible, half incoherent. Let's start with the good.
The art is some of the best comics sci-fi art I've ever seen, period. This is Garcia Lopez at his absolute peak, working with one of the best colorists of all time, Steve Oliff. This looks less like a superhero comic and more like a European sci-fi epic in the vein of Moebius (The Incal in particular). You could take all the words away and Twilight would be worth getting for the art lone. In fact...it might be better that way.
Which brings us to the story. This was ostensibly an attempt to take a bunch of ancient, obscure DC sci-fi heroes and create a cohesive, modern update of them for the post-Crisis age. Truthfully, these new versions have almost nothing in common with their classic counterparts except their names, which is probably for the best. In reality this is a self-contained space opera about fascism, religion, sex, and death. I suspect Chaykin was already working on this story before he injected spatterings of DC lore in order to pitch it as an Alan Moore style revamp of classic characters, promising a future graphic novel classic to sit next to Watchmen on bookstore shelves in perpetuity.
In any case, this story is pretty bizarre. I compared it to the Incal earlier, and that's the closest thing I can think of. Like that story, Twilight is a very big, very complex epic with tons of characters, and a tediously underwritten mythology that gets handwaved at the most important moments. There are so many crazy, interesting ideas flowing from every page, but it just never seems to come together. There are always crazy things happening, but the actual story never feels as crazy as the plot suggests. There are all these grand ideas flowing around that seem to be building to some kind of bold political statement, but it never happens. The politics are always one step away from saying anything interesting. And unfortunately, the characters aren't really interesting enough by themselves to make up for it. Don't get me wrong, these are well conceived characters, but they seem bizarrely static and unchanging over the course of the story, despite the fact that a literal millennium passes between pages. Maybe that's the point, I dunno, but it didn't work for me. The story is always frustratingly close to greatness, never quite reaching it.
I suspect most people shared my experience to some degree, given that this comic is relatively obscure, and did not become the bestseller classic that it was clearly aiming to be. It's kind of sad, because there is so much here worth experiencing and analyzing critically. But I guess the ambition outreached the ability on this one, at least on Chaykin's end. Maybe it needed a few more issues to breathe. Or a few less characters. Not sure. Still, it's worth a look. That art, wow!