The issue opens with Magneto attacking Angel in his original training outfit in an attack on the X-mansion. The master of magnetism KOs the teenaged Warren and is at war with himself as to whether he should kill his opponent when Angel becomes Cannonball. His mind is a mess and he isn't sure how he knows Sam's name.
Similar occurrences happen with Iceman turning into Doug and Jean turning into Rahne. While cradling the latter, he's attacked by the rest of the New Mutants under the leadership of teenage Cyclops and blasts them all into unconsciousness. He's torn between his hatred of the original X-Men from the past and his current love for the New Mutants. Surveying the devastation he's caused, he wonders why if Magneto the evil mutant is an act he puts on and a sacrifice he makes for the greater good, why does he enjoy this violence.
He screams "it's not true!" as he wakes up, to the sisterhood bowing and chanting "hail Magneto" repeatedly. He's imprisoned and wearing his famous helmet, which has a bunch of metal tubes attached to it.
The main villain introduces herself as Irae, Queen of Wrath. She says that just as Magneto was her savior, now she is his. He tries to resist, but they put him under their machine's influence again, trying to brainwash him into being like he was before he reformed.
At the mansion, the New Mutants debate whether they should attempt to rescue Magneto, with Sunspot suggesting Magneto staged the attack and kidnapping and Magik bringing up his past crimes while Karma and especially Rahne insist they have to try. Karma takes charge and leads them to Cerebro so they can find Magneto. Warlock tried to interface with the machine and gets zapped, saying "observation, oops." Also, there's a moment where Warlock uses a big word that Doug doesn't understand.
Back in Antarctica, Magneto vows to never be a victim again keeps trying to overload the machine he's plugged into to no avail. Irae says the more he tries the more damaged and fragmented his mind and memories become. She reveals that this is one of Magneto's many bases he created when he was a villain. She says that he can call her "daughter," and looks sad when he acts surprised. Her eyes glow as she says, "let me tell you a story."
The New Mutants debate who should be the one to use Cerebro since doing so carries great risk to their minds. Karma's about to since she's the closest thing to a telepath they have, but Magik insists she be the one since everything she went through in Limbo gives her a higher level of resiliency. Karma tries to pull rank as team leader and Magik says that's why the team can't afford for her to take this risk. So Illyana puts on Cerebro, and after a few moments of wonder at being connected to so many minds Cerebro somehow blasts her out of the seat. This works and Magneto is found, but Magik is greatly weakened from the ordeal and Doug stays behind to care for her. It's implied she knows what Irae's plan is but can't quite say it before collapsing. Lying in bed like she has the flu, Magik has a moment of vulnerability where she asks Doug not to leave and he promises to stay by her.
Warlock transforms into a plane to carry the team to Antarctica but gets blasted out of the sky by Magneto. Magma tells Sunspot to "say it" as they see Magneto, Irae, and the rest of the sisterhood standing over them, and he says "I told you so," showing that the team now believes Magneto betrayed them all along.
Review: There were moments that jumped out at me as being very odd this issue. Doug not knowing what "brobdingnagian" means and being chided by Warlock for playing too many video games instead of studying was one - Doug's power is to understand and speak any language regardless of education so that whole exchange doesn't make sense. Karma insisting and being treated like she's the team leader is also out of place, as she was only the leader in the first few issues of before being presumed king, and she did not become leader again after being freed from the Shadow King's control. Dani was the leader at this point, had been the leader for years, and would continue to be the leader until she left the book years later. That's a pretty major gaffe for me, because it changes the entire team dynamic and erases Dani's role in the story. That's my 'how did no editor notice and correct this mistake' moment. It would have made more sense if the mistake was that Dani was depicted as the team leader instead of Karma in a story set in the first few issues, because then the mistake would be consistent with what New Mutants was for the majority of its run and the expected team dynamics of most long-time readers.
From what I know, I believe the idea that non-telepaths can use Cerebro in theory and don't because their minds wouldn't be able to handle it is canon, so that works, as does the idea that Magik could take more of a mental beating than the others given what she's been through and her psychic shields. But the whole discussion is mute since Magik can just scry for Magneto from Limbo without any of this risk.
The best part was the beginning where Magneto was attacking the X-Men only for them to turn into his students. It probably would have been better if there were more moments like that, even if it meant fewer scenes with the New Mutants. I also wish there were fewer breadcrumbs and more answers about who Irae is. Those seem to be coming next issue, at least, but there's not enough to her yet to give the mystery surrounding her the weight it needs.