Jeff Parker does a masterful job integrating this title into the overall Marvel Universe while still retaining that great retro feel that makes this team work. There are plenty of current Marvel U happenings for the most plugged in fan; the New Avengers show up for a great fight towards the end of the book, featuring face offs like Ms. Marvel vs. Namora, M-1 vs. Luke Cage, Ronin vs. Jimmy Woo, and best of all, Venus vs. Spider-Man. (Really, it ends up as Venus vs. everyone.) Venus is clearly one of the most powerful characters in the Marvel U at this point. She is twisting folks around and around through this whole trade. There is also some nice interaction with Norman Osborn as the Agents try to establish themselves as a villainous organization.
There are a couple nice flashbacks too, one to the 50's that deals with teleporting Russians, Jimmy's lost love, and an American jet pilot. The other flashback has M-1 and the rest of the agents face down Wolverine in Cuba. Honestly, if these high concepts don't tickle your fancy, I don't know what would. This is a great, fun comic that everyone should be reading.
There are a ton of artists in this trade, and they all do a decent job. I think I prefer Carlo Pagulayan's take on the Agents best, but everyone gets the job done.