I'm still trying to figure out exactly what to say and how I feel...First, I'm bummed that I just spent 40 bucks in a night binge reading this--it wasn't worth it, and that is certainly coloring my review. If this were a series I read for 10 or 20 bucks, I'd probably be more positive.
I wasn't originally planning on reading this until much, much later. But then I felt pressured to, as Marvel and even Bendis were saying 'it's main continuity,' and 'it will have giant consequences that ripple throughout the rest of the Marvel U.' Believing the hype here, I will admit, was my fault. I should've known.
It doesn't read or feel like a book that sits in the main continuity. It reads like an Elseworlds or What If... book, and if that were truly the case, if that were truly the type of book it was, it wouldn't be that bad. But it's not.
(okay, here is where I'll say there may be SPOILERS)
The time travel stuff that culminates in a universe-breaking reveal is a real let down. The main story essentially becomes a What If story set in the future, or I suppose, in a tangential reality to the main universe (cause of wibbly wobbly timey wimey) that, by the last five pages or so of issue 10, affect ALL of the Marvel Universes, Marvel 616, Ultimates, and whatever universe from the 90s Angela was part of. So, basically, Bendis and Marvel didn't lie. This book will affect the main continuity, but it seems like it will do so in a more reductive way, rather than an additive way. The plot reads like a gimmick to provide some clean slates for messy characters and plot lines--much like DC's flashpoint from a few years ago that kicked off the New 52. And, I can't help but compare this book to Flashpoint, which I enjoyed infinitely more. For one, Flashpoint was a shorter book, so, for me, there was less at stake; also, it seemed more up front about the way it would relate to the main continuity--I didn't once feel tricked. We knew Flash would be the constant (main continuity) character, set in an Elseworld, and it would be his attempt to get back to his world that would set the New 52 into motion. With AU, I didn't feel like I knew any of that going in--I never once felt oriented, even at the end. I didn't really understand when in time the events were taking place, and despite it feeling like an Elseworld, I didn't believe it was, cause Bendis and Marvel said it wasn't. That, still, is what really gets me. I feel tricked. I know it's unfair to review one book by comparing it to another (Flashpoint)--I should judge it on its own merits--but I think that's exactly the problem. I'm still struggling to grasp at what exactly its merits are, still trying to understand what the point of the book was, other than a gimmick and a money-grab, and the only real way I'm able to make sense of what the point of the whole book was, was to compare it to Flashpoint.
I realize now that I'm ranting, much more so than I intended--I stayed up til 4:30 in the morning reading these 10 issues, and I'm not exactly thinking straight.
Here's me reviewing the merits, in a less ranty way:
Writing: The writing seemed inconsistent at a lot of parts, almost like it wasn't Bendis writing everything. I know it could be difficult to handle the voices of all the characters at once, and that could account for a lot of what felt inconsistent, but since nearly all the story is told through dialogue (it's a comic book, I know, but still), the inconsistencies in the voices from character to character can really do a lot to impede any enjoyment in reading the story. I will say, this problem seemed to vanish as I read more issues. It could be cause I got used to Bendis' style, but it could also be because the cast of characters is sufficiently reduced at most times, about half way through, which I do think adds more focus to the storytelling.
Story (which I'm acknowledging as separate from the writing): The quality of the story seemed to work exactly opposite of the writing. It started out, with the big ideas it presented, fairly interesting and rather good/enjoyable. Over time, though, things got murky with the time-travel bit, and it got less interesting. I only kept reading because I was curious to finally discover how all of this was going to tie into main continuity. It all just seemed really dragged out. 10 issues for a single arc (I guess you might be able to argue it's 2) just seems like a lot, and they were weekly issues too, at 4 bucks a pop. It's still hard for me to not look at that like a money-grab. But I digress.
Art: The art varies a bit, but it's intentional. Different artists are used for different parts of the story (different timelines, characters, etc.) to convey different aesthetics. Overall, I think that was a neat concept, though I know it's not the first time it's been done (The Sandman series, for example, pretty much thrived one this concept, but executed it much, much more effectively). I only knew about this intentionality though because I saw Bendis say so on tumblr. If he hadn't mentioned it, I'm not sure I would have clued into it. But still, most of the art was very, very good. I especially liked the artist who drew all of the Wolverine/Sue Storm moments--too lazy to look up who that was at the moment.
Final verdict: If you really, really need to know what happened in this book, and how it's going to affect the Main Marvel 616 (or even Ultimates), I would suggest you wiki it all. If you have a friend who already owns all the books, I don't think it would hurt to read them. I just really wouldn't advise spending any money on them.