It's a massive issue so I'll try to make this as concise as possible. It's mind-blowing, heart-breaking stuff with a lot of details so please feel free to ask questions.
There's a ton of caption boxes which made me very happy.
We open with the preview pages, Emma and Scott discussing Kamala's secret and then we see her resurrection on Krakoa. Scott and Emma approach, Kamala saying she'll never get used to seeing Scott as an old dude as they hug. Emma is hoping Kamala will "come out" publicly as a mutant at the Gala but Kamala says she's not coming out. Emma hopes she reconsiders before the party which is that night and introduces her to Jumbo who will make her new costume and Gala look. Kamala asks about her parents and Emma says they'll call them later and rewrite the last few days of their memories. As Emma and Jumbo leave Kamala mentions to Scott that her embiggening powers are her Inhuman side and asks if she has a mutant power.
The Gala has started and we see planes and helicopters flying into Mykines Island. The Cuckoos start the opening announcement saying this year's party is Friendship and Futurism: A Dialogue. They welcome human guests whose lives have been made better by the medicines and hope their stories will dispel disinformation that's currently being spread by Krakoa's enemies. More preview pages as they invite guests to visit Forge to learn of his presentation and plan to solve the housing shortage and food insecurity that plague the world.
Scott tells Jeans that the alarm at the Treehouse is going off so he leaves to check it out. Juggernaut approaches and thanks Jean for everything the X-Men have been doing. She tells him that the team will need a powerhouse and a spot on the roster would be well deserved if he wishes to pursue it. Final preview page, Kate leaning against a gate when Raven and Destiny come rushing through it, bickering because Raven won't listen to her. We see Iceman and he reintroduces Romeo to Kate. Next scene:
Before he leaves she asks him what her mutant power is but he says he doesn't know. He believes her mutant gift never emerged after being suppressed by her Inhuman one. He can help unlock her mutant potential but that's her decision to make. Rasputin approaches and bows before Kamala. Rasputin is quite smitten with her and we learn Kamala is one of her heroes.
Magik has a brief encounter with two of the G.O.D.S. characters but not much happens just some seeds planted for another time.
Kingpin and Typhoid Mary are dancing and Captain Sam Wilson tells Prodigy and Frenzy that letting Fisk check into "Fantasy Island" isn't a good look. Prodigy is like he's not even in the top 100 bad guys we have on the island and Frenzy makes the excellent point that having villains like Kingpin on the island has benefits since he's surrounded by heroes all the time and being watched. Suddenly all of the Avengers get an alert about the attack in D.C. by fake Captain Krakoa at the Capitol. All of the Avengers leave to answer the call. Not good.
Watching them leave Rogue pulls out her Avengers frequency card and reads about the D.C. attack. Emma mentions to Rogue that the guests are nervous and that
rumors of a civil war on Arakko are starting to spread. She asks why the Avengers are leaving so suddenly but before Rogue can answer she gets an alert that Captain Steve Rogers' distress beacon has activated and he's unresponsive. Emma asks if that happens a lot and Rogue says, "Not even once, Sugah" and rushes out while her outfit transforms into her uniform.
Lourdes appears via teleportation and tells Emma she can't find Shaw, he's not on Krakoa. Hmm.
Jean announces that it's time for the X-Men vote. She says that when she left the QC and formed the X-Men with Scott, their goal was to be an example for anyone who wanted to serve and to ready the next generation of heroes. "... but it was our great pleasure to discover that we were the students.
Synch and Talon are ready to lead a new team of X-Men, so Scott and I are stepping back. We trust them implicitly to continue to save lives every day and be an inspiration for us all." Synch and Talon look surprised, Forge is giving Jean side eye, Emma is sipping champagne and Firestar looks shocked. The vote takes place and Jean introduces...