Honestly I'm waiting for the trades on this one - maybe it'll read better when it's in order more or less - I dunno. I'm looking more forward to Marvel NOW than even bothering to worry about this storyline. Obviously we know that most of the heavy hitters will still be around so... meh.
In a way I'm kind of glad Marvel's sort of doing a "not a reboot" tweak to the Marvel U. Frankly after all the Fear Itself BS, I think it was time for things to change a bit and this whole mutants are persecuted 'Wah wah' is getting old. And I would be happy if they never said "oh you have super villains like Magneto and Emma Frost hanging around."
First. Emma Frost hasn't been a "super villain" since like the mid 90s at least. She's been a heroic - if a little naughty - character since the whole Generation X series which was a frickin' loooong time ago. I mean well over 20 years. It always bristled me a bit when they kept bringing that up. Did they completely forget the Massachusetts Academy that she and Banshee ran for quite a long time? Or that she's been basically an X-Man since that series folded? Even before she and Scott started doing the horizontal rumba?
As for Mags - eh I like that he's finally mellowed somewhat. He's been the X-Men's primary villain for over 50 years. It's kinda time to get a new antagonist.
But this whole series has been a rash of poor characterizations, people acting way out of how they should be. Plus the fact that even its own continuity is kinda loose is just annoying.
Really Marvel NOW! Is probably the best thing to come of it, gets some of the creative teams that have been on titles so long that they really ran out of ideas - I mean I loved the early Matt Fraction Iron Man work - but lately it's like he's beating the whole "Tony Alcoholic" thing waaaay too much. He had one drink during Fear Itself and its defining like a year's worth of comics. Enough already! My gosh, I know how fragile some former alcoholics can be, but we're talking about a character that "Beat" his addiction in the span of one issue and moved on. That's WHY Tony Stark is really a heroic character, he knows he has flaws and foibles and issues, but he doesn't let them dominate his life.
Same with Emma Frost - sheesh she's been good for 20 years, give her a friggin' break. And honestly even with the power of the Phoenix I've got a feeling in the final act she'll give it up "Because it's giving me an awful bloody headache."