I think I can say that this story is good. If not quality-good, then totally quantity-good. You see a lot of awesome characters, that Mr. Hellfire rightfully called "cameo queens", you get a LOT of fan service, good God, what more can we possibly await from Fraction's run? Personally, I would be OK with this whole unnecessary story, if not for Cyclops/Emma conflict. I sure as hell hope they're gonna get together eventually. There is a couple of spoilers, which are absolutely not spoilers at all: There is only one cool thing - Bullseye/Daken action. No, it IS lame, but I happen to like Bullseye a whole lot and their strange relationship is bothering me since the beginning of Dark Wolverine series. Seeing one of my favorite characters (Emma Frost) touching other of my favorite characters (Bullseye) is fun. Which brings me to the next point: This is a nice cover of Simone Bianchi. Let's oversee Laura's face and just be happy. Aw, if only the authors would not just draw covers with her, but would also actually write, you know?
Laura also appears at the end for one page and calls Warpath James, which is a little out of character and annoys me. She works with Warpath, Domino, Wolverine and Magik.
About other stuff: Cyclops summons a team of girls (Iceman, Northstar, Colossus and Warpath being the only exceptions) and gives them different specific orders. He also assembles the X-Club to do some research underwater (is it a lame excuse to change Psylocke's costume like he promised? Is it?). Dark X-Men do some "cool" fighting, that, honestly, is lame beyond description, and all the X-Men do is "watch and learn". We also get a L.A.M.E (even for him!) Cyclops' "We are a team, goddammit!" speech. Reminds me of his Astonishing X-Men 01 quote: "Even I was bored". Emma is saying "Darling" probably more than she ever has and even in plural. This is just sad, Matt. Really. We get a HILARIOUS picture of Emma and Namor standing with their asses pressed on each other, like they're dancing drunk. I laughed my ass off.
So, we get not-so-bad but also not-so-good issue and hope that next two will finally show us more than just some women running around. Not that it's a bad thing, of course.