Pardon me if there was a thread for this and I missed it.

Anyway, we pick up almost exactly where the last issue left off.

spoilers:
Frank arrives to Simon's hometown and goes from nervous looking door salesman (who says "good afternoon when its after dark) to crazy guy with a lighter in a blink of an eye, as he make a distraction out of a house on fire.

Simon tries on the Phantom Ring, to colorful effect, but he couldn't really make use if it, and is promptly scolded by Rami.

He and Jessica then decide that they need to move to keep the ring safe, so in lieu of wandering around blind to try to luck upon the Corp. (which Jessica may be apprehensive to do 'cause she doesn't want to go to space right now), Jessica suggests going to her sister's house.

Nazir wants to tag along, since his wife and son seem to be away for the time being, but Simon dissuades him of doing so, to Nazir's evident dejection, as he wants to get back into the action, as he feels it.

Jess notices the fire a few houses down, and the Lanterns go off to fight it, with Jess doing the saving and Simon doing the containing and extinguishing, and both wondering if the Phantom Ring would be a better fit, for differing reasons.

Meanwhile, Nazir and Rami argue about standing out in the open in front of their house, with the former being levelheaded and the latter being a weird combo of too overcautious and haughty at the same time, allowing Frank to sneak in the back and locate the Phantom Ring (pretty easily).

His reactions to finally having a Power Ring are shown vividly as he sweats in eager anticipation. He is halted, but not deterred, by Rami before Volthoom ensnares Rami seconds later. Frank says a chant, a very ominous and power focused one, and goes from a guy who had let himself get out of shape due to his encroaching despair into the very muscular and cape-wearing, brand new Phantom Lantern!

The Ring's power makes him the Green Lantern he's always lusted to be, and he begins to admire himself in more reaction shots that haphazardly change between deranged looks of power and childish looks of glee, both kind of disconcerting in a context like this one... Anyway, Frank gets caught off guard by Nazir taking a hatchet to the intruder, which causes Frank to feel fear and become a Yellow Lantern, even as he remembers that he can't be harmed by such paltry means. The Yellow Light causes Nazir to back off in fear, and Frank actually seems to catch on to the fact that he gets power through other's fear this way.

Frank wants to experiment more, but Volthoom talks him out of it and back in favor of his sticking to his plan, and though it seemed like Frank would be too out of control at first, he eventually subsides. But not before being a true Yellow Lantern bully and using his powers to scare Nazir with his worst fears, and that's being seen and thought of as a coward who's too weak to do anything "substantial" (which Nazir feels should be more than simply being a good stay at home husband and father, despite what Simon urges), said through a visage of his son for extra jerk points for Frank and despair points for Nazir.

A few doors down, the fire has been quashed, and Jessica gets some hope and resolve with her status as a Green Lantern from the girl she rescues in a really endearing way (yes, girls can be Green Lanterns, too, even if they are from Earth). Simon, however, makes note of a Lantern's streak of light zooming away in the sky, which shouldn't be, as there are no other Lanterns but them, right?

We end with Phantom Lantern Frank, back in his preferred Green, ending the issue on a twistedly positive note, as he "carries" the unconscious Rami to who knows where...
end of spoilers

So yeah. Quite the doozy. And of course, the two weeks wait is going to be especially long with this one.