Starts Off Good, Ends Badly
A lot of classic Fantastic Four elements are added in this issue - the cover is the first one to bear the now familiar tag line,
The Greatest Comic Magazine in the World!!
It also includes the first appearance of the Fantasticar, and the first time the team appears in the trademark blue suits designed by Sue Storm (The Thing rips his to shreds in the first battle, keeping only the long pants).
The villain here is The Miracle Man, a stage magician who appears to be able to do practically anything - and that's where things begin to go bad. Just like Mr. Mxyzptlk in the Superman comics, or Loki in the Thor comics, whenever you have a character with unlimited powers, you start to get into the realm of goofiness.
Things hold pretty well for the first three chapters, but they go off the rails in a big way in the final chapter. Among other things, the creators fall back on the old standby, hypnotism, to make a hero do things against their teammates. Then we get a sudden bit of information from the Human Torch that Miracle Man has "cut the drive cables of [the] copter!" how and when he was able to do this is a mystery given that they just arrived in the copter and started fighting him.
But of course, there is a reason for this - it's all so the FF can hop into one of the antique racing cars that somehow appear out of nowhere and Reed informs us are stored at this junkyard(?) between exhibitions (What? How did he know that? Why are they there? And with the keys in the ignitions?) It just keeps going down from there... Human Torch jumps in the car with Reed and Ben, even though he can fly, because it's "more fun". Then the bad guy shoots off a wheel, and so Mr. Fantastic becomes a tire and installs himself while the vehicle is still in motion (and without getting dizzy), the three chase the villain until the Human Torch decides to fly anyway.
The whole thing ends with the Human Torch quitting the team which is really the only really interesting development in this whole mess, other than the FF's new costumes and toys.