You can roughly divide this comic into three thirds, themed by colour.
The first, rendered in golden tones, is essentially the run up to inversion from Magneto's perspective. We see him protect Wanda and Strange while they start to cast their spell. Before they're finished his MGH runs out and he is powerless. Carnage attacks him, and Onslaught drops Dr Strange. Von Doom arrives, and in a new bit of information, Magneto is the one who persuades Wanda to trust him and finish the spell, which as we know goes disastrously wrong. (I'm sure this will bite Erik in the butt long term.)
The second third is a flashback to the very early days of Charles and Erik's friendship. They're on a shopping trip with Gabby Haller, and having their favourite discussion, the whole peaceful coexistence debate. It's a big change in colour to a very washed out grayish tone. They're attacked by Von strucker and assorted goons, who Magneto kills. Xavier is shocked, Erik says his philosophy will get him and his students killed.
The last third is very interesting. It's just post inversion. An astral Xavier appears to Erik, saying he may not be around for very long. They discuss coexistence again. Magneto says he realises how frightened Xavier was all along, but how he was right, it was the only way. He turns, and liberates some of Genosha's mutants; and leaves presumeably to live a heroic life. He doesn't hear the last thing ghostly Xavier says, which is that Magneto was right all along. That mutants need him to be their protector.. There's a last scene where a creepy Nazi Officer type (the one from Erik's memories?) is watching him.
I think Bunn has once again pulled off writing a spin off issue, which is much better than the actual event. This comic has all the heart which the Axis main book has been lacking. The relationship between Erik and Xavier is so central to the X-Men myths, and it's fascinating to see that inversion has flipped Erik over to Charles's side, and the remnant of Charles to Erik's.
The flashback in the middle was an elaboration on this scene here, (even down to the shopping bit.). It's a crucial bit of X-Men history, and it's great to see it referenced.
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I miss Walta's art in this issue. This is okay, but Walta's quiet but deft touch with emotion, and clarity of storytelling would have been better. I like the colours used. Throughout the series the colour scheme has been extremely carefully chosen to enhance the storytelling, and this issue is no different.
Overall, 9/10 from me. A really good comic.