The Past
This issue gives us a look at the history of the Justice League through the meetings of Superman, Batman and Wonder Woman. The art is okay, it is attempted and sometimes succeeds in mimicing art from the different eras. The writing is very simple though, but then again it is a very simple tale to tell. Just show a major event and Have the three heroes say remember this, and then say what happened.
As they are discussing the major events of the past we are watching them select members for the next Justice league. Of course we do not get the big reveal yet. There really is not much to the story, and it isn't integral to issue #1 if you don't already have this, take it or leave it.