The Good
I'm really happy with this issue because it's a payoff: so much time has been spent building up to this that it's really satisfying to read. Seeing the fruition of Thor, Tony and Cap's arcs (along with others!) have been rewarding - I don't regret toughing it out at all.
For as bad as speculation has been, none of the major events that we thought were going to come to pass did. Tony Stark is still respectable, Thor's still alive, and Cap is... Cap. We also get a sweet "armoring up" scene between Odin and Thor, and the formation of Asgard's army - they were the big "hell yes" scenes we needed after months of buildup.
I find that Tony's role in the (eventual) success of the forces of good was well-earned; Tony is an architect, not a front-line soldier. Seeing him mingle with Odin's blacksmiths in forming Uru weapons was like seeing an artist in his element. While it might be vain of him to make his armor into a blessed weapon (with possible ramifications for the future!), that's just Tony Stark. It's good character work, and it keeps him from becoming redundant in a battle between gods.
The Bad
On that last note above, Cap seems to have faded into the background. He's a commander, but not the generals that are moving the pieces. This is probably where Cap excels best, but in the grand scheme of things it looks like Tony Stark, Thor and Odin are the major players at work.
I kind of feel a little iffy about Steve caring more about Thor's injury than Bucky's (supposed) death, especially since the former turned out to be okay. I get this feeling like Barnes is going to be overshadowed by the rest of the series, which kind of sucks.
Otherwise, there's not much wrong with this book to be honest - issues were resolved, the villains were still threatening, and there was a glimmer of hope on the horizon. The story looks to end where it somewhat began - Broxton - and readers should have a hell of a battle to look forward to.
The Verdict
Like I said earlier, I've actually come to enjoy Fear Itself for what it is: a great crossover that seems to be just about good versus evil. I wouldn't go so far as to say it's formulaic, because it takes advantage of the rich Marvel history while still treading new ground.
Perhaps it's the fact I've been covering Fear Itself since issue one, but I'm happy with how the last issue of the series is wrapping up - it might be a bit late to jump on, but the arc is looking to become one hell of a trade paperback. I'm happy Fraction seems to have turned things around after the Secret Invasion/Dark Reign fatigue.