It feels like forever since I read about Captain America doing... "normal" things. I mean, I know fighting the Red Skull is normal for both Steve Rogers and Bucky Cap, but I didn't realize how much I missed the other bad guys until this storyline. Ed Brubaker has modernized the Watchdogs into a great new threat, and giving them the evil 50's Cap as a leader is a brilliant idea. The opening sequence of this comic where 50's Cap is trying to puzzle out the economy was great.
I wasn't as pleased at how easily Falcon gets taken down at the close of the issue though. I realize 50's Cap is supposed to be a big-time threat, and I guess he beat Bucky Cap too, didn't he? But still, the fight was only a couple pages and mostly consisted of Falcon running. I do like seeing the good guys on the run, it makes for more interesting stories.
Luke Ross does a nice job with the pencils. That title page with the close-up of 50's Cap is great. I do wish Marvel was still using the original Watchdog uniforms on at least a few of those guys.
I rarely comment on backups, but I did read the Nomad story. It's ok, I like the use of Professor Power and the Secret Empire to give this a real tie to Captain America. Arana actually works well in this type of story too, she's a likable character.