I'm still happy with the work Bunn is doing on Magneto. I feel like he has a great grasp of the character and what makes him tick. Yes, the book is indeed dominated by (sometimes quite violent) action, but there are moments that rise above that. I was especially struck by Magneto's observation, mid-battle, that his Mutant Growth Hormone riddled opponents don't truly understand their powers, because they've never had to live with the danger and persecution that's inherent to being a mutant. In general, It was Magneto's thought processes that kept me reading.
That said, there's a big chunk of the book that's taken up with the Axis event. Not having read any of the other books that were part of the event, I felt a little lost at times. It looks like Uncanny Avengers probably played a big part, and I have something like zero interest in catching up on that title. From what's in the book, I was basically able to follow what's going on here, I think, but who knows what I missed. Magneto leading an all-star team of villains was kind of hilarious, but I'm not sure if comedy was what they were going for.
As in the previous volume, the plotting is a little weak and vague, but I'm not really reading this for the story at this point. I'm reading it for Bunn's take on Magneto, which I still think is pretty thoughtfully done.