What a mess. It's a beautiful mess because Joe Mad can still draw, but wow. Jeph Loeb picked up the Ultimates and promplty reverted Wasp back to her Marvel U incarnation, did what seems to be a pointless mystery with Cap, and then basically added Wolverine onto the Avengers. He flat out stated what we all figured about Scarlet Witch and Quicksilver (that they are very close). He threw in the world's most pointless Spidey cameo and made Hawkeye into even more of a jerk.
I will confess I like the idea of Valkyrie being on the Avengers, but that's about the best part of this story. Loeb does do a couple bits of foreshadowing, they are just to things in Ultimatum that I found stupid (Wasp's fate, Quicksilver's turn).
Why do I read these Ultimate books again? Oh yeah, the art. Joe Madureira still has some dynamic skills. The dinosaurs look great, the heroes look powerful and tough, and the ladies look like adult movie stars. Mad has some poses that he comes back to, and they work really well in action-based comics. The problem is, this book makes me want to go read old issues of Uncanny X-Men.