This is apparentally this Summer's big X-men storyline, while the other MU will mainly deal with Fear Itself. It seems to be a bit deriative of Civil War-basically, Wolverine and Cyclops form opposite teams of X-men: One with Magneto's philosophy, the other with Xavier's. Allegedly this will bring X-men to a tighter continuity with the rest of the Marvel Universe as well. It also seems that the storyline will bring back an important character from Morrison's run. They've used Sublime too recently, Xorn is a continuity nightmare, and many of the students have joined the new mutants or something...so who?
It seems to me that Scott is getting more and more extremist while Wolvie is the one who's questioning things, even as he's the one doing all the killing.
I've been reading it off and on, but I got the feeling that it's Scott that will go the Magneto route. I've seen the "Fear Itself" image with Scott dressed as Magneto and it seems he's been trending that way, with an end justifies the means philosophy for a while. Whereas, I can see Wolverine eventually balking at Scott's hardcore stances, and holding fast to whatever few principles the X-Men have left.
I'm kind of looking forward to this. It's a natural progression from the X-Force stuff. The falling out from Logan secretly carrying on the black ops team even when he promised Scott that he wouldn't.