I'm going to split up the two plots into separate halves instead of jumping back and forth, but just know that the book itself is leaping between the Xavier/Shaw/Selene and Hope/Exodus/Destiny plots.
The issue is narrated by Apocalypse, but this is the copy of Apocalypse in the desert where the mutants have ended up. He is a "test on the road to revelation" and says some spooky stuff in captions. (Anywhere it says Apocalypse below, assume it's the copy.)
Xavier, Shaw, & Selene
The preview pages: Shaw and Selene are looking at the people Xavier killed last issue. They've pushed him too far, and they need to attack directly. Shaw brings out his Hellfire armor.
Xavier fights Shaw and Selene. He's losing. He telepathically calls Emma for help, asking what Shaw wants, and she tells him about the Hellfire shenanigans with Fisk over in X-Men. Xavier telepathically learns and trades key Hellfire Club account passwords to Shaw to help him take back control, but only in exchange for Shaw leaving to use them now. Xavier will let people know the codes are stolen if Shaw breaks his deal so he needs to go now. "Krakoa will still be here when you're done."
Shaw knocks out Selene, but lies to her and says Xavier overpowered his telepathic resistance. Xavier and Shaw agree to just let Selene have the External gate.
Shaw mentions the bodies of the men Xavier killed. Xavier says he doesn't understand. "I haven't killed anyone."
Xavier wanders Krakoa and finds Sinister's lab. He looks in the mirror:
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Hope, Exodus, & Destiny
Apocalypse is watching the lost Krakoans. They've settled on Atlantic Krakoa, where they're growing their own food and surviving.
Egg is in the desert, being attacked by a bunch of Bishop clones like the Wolverines last issue. A Logan appears and attacks him, but Hope and Exodus save him. Hope points out that these Logans attack her the same way he did in AvX, and Bishop is attacking her again. It's her nightmares come to life.
In a data page written by Destiny, it's revealed that the Krakoans have worked together to form a new society here, using their powers to do the hard work of growing food, maintaining water supplies, and defending the perimeter. Exodus and Hope have looked for an escape but the desert goes on and on. Mother Righteous has helped find all of the members of the Five - Egg was the last - but each of them think they've only been there a few days, much shorter than the other Krakoans. They don't have a Cerebro, but Mother Righteous thinks she might be able to contact the Waiting Room.
There is a very cult-looking resurrection ritual, as the Five work and Mother Righteous dances to contact the Waiting Room. It works.
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Hope thanks Mother Righteous. Destiny privately expresses distrust of MR to Exodus and Hope, but they're skeptical as Destiny never lets them read her mind to see what she knows from her visions. They agree that whenever Hope and Exodus are away, Destiny will keep watch on Mother Righteous.
Righteous sends Hope and Exodus to find someone. It's Jean, still on the chain like last issue but in her modern costume now. She's uttering her exact lines from the end of Jean Grey #2.
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Apocalypse appears. He says he's their "Satan". Exodus says he's had visions of this desert and always has seen Apocalypse as the Satan in his mutant religion. Hope realizes that this means this place is being created in some way from them - the religious iconography is all Exodus, and the Bishops and Logans are all her.
Hope reads Jean's mind. She knows where they are know.
What's the "White Hot Room"?
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So there you have it. Really great issue even if we didn't get the real Apocalypse. Hugely excited to see where the Jean stuff is going, this feels like it's tying in closely with the Simonson mini. And maybe we'll learn more about how the Phoenix is connected to both Jean and Hope.