The better Avengers title out there?
This series was only supposed to be a mini, and it's ending up being better then Mighty Avengers and New Avengers. This issue shows what The Initiative is suppose to be. If a threat shows up on American soil it gets squashed asap. The two other Avengers series show how things are for those teams in the "post Civil War" Marvel Universe, but this series actually shows you how the rest of the world is.
Another thing that I think makes this series work, and it's demonstrated in this issue, is that the story is as much about the trainers as the trainees. I love having YellowJacket and War Machine in an ongoing series. I still dislike the character of Gauntlet however and I don't see that changing anytime soon. I'm guessing he is supposed to be a stereotypical Drill Sergeant, but he's coming off as a character that I wouldn't mind seeing killed off in the very near future. The character's behavior is warranting him being punched out (if not worse) by one of the other trainers... and I kinda wonder why that hasn't happened yet.
Having good old Henry Gyrich in the series is a nice touch. It makes sense, and you would fully expect someone like that there representing the government. On the same note you would expect someone like Baron von Blitzschlag to be working for the government as well.
The trainees themselves took a back seat to the trainers in this issue, and that was fine. Although since they are all new characters they are going to need some character development sooner then later. It's nice to see however that all the new students aren't just there because they "want to serve they're country", they mostly have different reasons to be there. Some as simple as just wanting to be able to use their powers like Cloud 9.