I picked up this issue somewhat randomly tonight just to check it out and I mostly liked what I saw. I liked how I, the unitiated, was caught up almost immediately by the lead-in page. This is an excellent feature to have in a comic. The first panel actually made me laugh with Emma trying to run away from Sebastian Shaw, and complaining that she shouldn't wear heels.
Incidentally I felt that this was the better two of the subplots. In the other one Lobe has stolen the X-Men's powers and the team, despite being infected by a strain of the flu, goes to get them back. This part had all the action, the Emma Frost part had all the intrigue. The backup story about young heroes being tested I thought was also very well written. It explored a lot of issues which are often overlooked in comics - trust, experience, maturation. As a non X-fan reading this comic I can say that I saw enough to make me want to read more.