Marvel has really been taking their time with this crossover. I haven't seen a story arc this panned out since Civil War. While I'm not the biggest fan of Adam Kubert, he nailed it this issue.
.: SPOILERS AHEAD :.
As Hope Summers continues her training in the mystical city of K'un-Lun, Spider-Man gives her some words of advice about what it means to be an Avenger. Elsewhere, the Wakanda is devastated by Namor's attack on the city and is in ruins. Storm, who sided with the X-Men, returns to her home and husband Black Panther. The the latter delivering some pretty harsh news. Now that Namor has been defeated, the Phoenix Force inside him is divided up among the remaining four hosts: Cyclops, Emma Frost, Colossus, and Magik. Pretty much they're more powerful than ever.
With the Avengers broken, beaten, and thinned out, the siblings Colossus and Magik carry out an attack on the team. So this is the best part of the entire book, and for me a highlight in the series. Spider-Man gives the team a chance to escape by taking on the Phoenix-powered Colossus and Magik by himself. The hero, who's actions parallels the advice he gave Hope earlier on in the issue, takes probably the most brutal beating I've seen anyone take in a Marvel book in a long time (Punisher books not-with-standing).
This moment of self-sacrifice is totally in character with Spider-Man and something that's been missing from previous blockbuster cross-overs. I won't tell you how it ends, but this book has been a major turning point in the series. I am most excited and anxious to see what happens next in a few weeks.