The Red Guard threatens Wanda's twins with painful results for Wolverine. The human resistance stages their attack on Magneto's fortress and their strategic planning leaves something to be desired, but they manage to wound Magneto. An injured Magneto can no longer keep one of his prisoners Fing Fang Foom at bay and he is out to make a mess and now Namor and Quicksilver enter the picture seemingly to take the throne.
In terms of the story line, its well paced and well executed, but has just about everything acting stupidly for the moment. The human resistance thinks killing Magneto is key to solving their problems, while his death most likely would simply release a reign of terror upon them and humans in general the likes of which they haven't had under Magneto. In a way it mirrors mutant extremists in other universes thinking that by killing the President of the United States they solve mutant kind's problems.
Namor at least has a clear plan for war against the Earth dwellers with Quicksilver at his side, but we don't know what Quicksilver's MO is yet. Is he really a traitor or is he playing Namor? Wanda is focused on being mom and Lorna is focused on the security of Genosha and dealing with the chaos unraveling. Many of the players in the story including members of the royal family aren't exactly acting as master manipulators here, but I think that is part of the point of the story.
This issue was an improvement on issue #1 in that it was faster pace with improved art, by that score it was more then worth the price of admission.