This is yet another Civil War one-shot tie in. Myself, I long for the good old days where a crossover was a couple of issues in Spidey and another couple in Daredevil. By contrast, if you wanted to get the complete Civil War story, you're talking fifty or so different comics. Way to make life simple, Marvel!
Page 3 (counting all pages) has Peter's head with some of his Spidey suit showing. He is upside down, sort of downstage center if you know what I mean. That makes a cameo appearance, and hence deserving of a review.
Tony Stark is the leader of SHIELD. Dr. Walter Langkowski was the only survivor of Alpha Flight when it was destroyed by a guy named Michael as described in New Avengers #19 or so. He visits Michael in his cell on the SHIELD heli-carrier and tells the (now very sorry) Michael that he is going to join the replacement team, Omega Flight. More of that in Omega Flight #1.
Meanwhile, the members of the government-sponsored Thunderbolts (Venom, Radioactive Man, Penance, Bullseye, Moonstone, Swordsman) are chasing a guy code-named Hurricane (II). He's an unregistered vigilante, and they take him down - each being given in the process a chance to show off their powers and costumes. Hey, looks like a promo for a new title!
Elsewhere, Spider-Woman (Jessica Drew) is taking orders from Nick Fury. Ms. Marvel goes to meet her, but decides not to beat her up and take her in. Tony Stark isn't happy. I'm not sure what new title this ties in to, but I guess we'll find out soon.
Finally, Tony Stark is sorting through the possible candidates to join The Mighty Avengers, another new title to be written by Bendis.
Then there's a few pages copied out of an upcoming issue of Iron Man, a few from Mighty Avengers #1, some from Captain America #25, and some from Omega Flight #1. Hey, what? Was this just an advertising promo?
Indeed, this is really just an advertising promo for a bunch of new and revamped Marvel titles. Those of you who brought this book expecting real content are going to feel somewhat disappointed. If you're a completest with a real fascination with "The Initiative", then you'll need it. But otherwise don't feel bad if you skipped it. As I said, Spidey's not in it other than as a scene-setter on the recap page.
Couple of webs. Disappointing really.