Matt Fraction keeps with the slow burn in the World's Most Wanted story arc. Things are happening, but nothing is really changing, if that makes sense. That said, what we do get here is pretty cool. Tony is losing his smarts by the minute, in one sad scene, he even asks "Who's Happy?" after he forgets his chuaffer and one of his best friends. I was a little surprised at Pepper and Tony hopping in the sack together, for some reason I thought they were in the "unrequited" classification like in the movie, but maybe I'm forgetting something obvious that happened.
Madame Masque seems a lot more like the character I remember from old Iron Man comics. In the Hood and New Avengers books, she comes across as more of a generic mobster moll, which takes away some of her coolness. I'm glad Fraction is using her and Tony's history as a pretty huge plot point. The rest of the issue had Maria Hill and the Black Widow rooftop racing around NYC avoiding HAMMER agents. It seems Black Widow is going to break down and bring Hill to Winter Cap, so maybe we'll see what Tony had hidden in the Controller's base. Having Hill suffer from brain damage after breaking free from the Controller is a neat idea, it makes her brave escape a little harder to duplicate when that villain is used again.
Salvador La Rocca's photo-realistic art works surprisingly well on Madame Masque, she looks like quite the femme fatale throughout the issue. I also dug his HAMMER agents using SHIELD-style glider-chutes.