They might do something where each Captain Britain from each universe expresses their powers in different ways based on who they are. Brian never used a sword, where I expect Elizabeth is still going to use a psychic sword and shield. Even her look is more like a traditional Knight than what Brian wore.
I expect Brian is going to become the leader or one of the leaders in Overworld and he asks Elizabeth to take his place as Captain Britain and she takes on the responsibility and the power. The power probably expresses itself in each person differently and it probably takes a slightly different form/expression in Elizabeth.
Anyway, I think she'll still have her telepathy, but she will also be the new Captain Britain for Earth 616.
Haha, this is just one step away from becoming Marvel's answer to the Green Lantern Corps, although I suppose that spot is already taken by the Nova corp. Still I like the idea of each world having a guardian Captain who is selected by the magical matrix of the planet to be the guardian of that world.
It sounds like Excalibur is going to go strong into the magic side of the marvel universe. I hope Magik from New Mutants gets to join up with them eventually. I also hope they get to cross over with Dr. Strange from time to time.
I like Carol Danvers as Captain Marvel, sure some of the writing for her character has been poorly done, but overall she's a good character. I don't mind if the Elizabeth becomes the X-books answer to Captain Marvel. I love that Elizabeth gets to be a big part of the Dawn of X.