Strong Start!
Ultimate Fallout isn't explicitly a Spider-Man book. It's job is to show us where the Ultimate Universe stands and usher us into the Reborn era come August. Still, the immediate aftermath correctly shows us the grieving process that Spider-Man's supporting cast is going through from Spidey regulars Aunt May, Gwen Stacy, JJJ, and MJ to future X-Men Johnny Storm and Kitty Pryde before it starts to get into what this might mean for Nick Fury and his Ultimates.
It is encouraging that the implications made in Avengers vs. New Ultimates are being carried forward by MJ. She may not know any concrete facts yet, but I'm sure that her hunches about Nick Fury's coup are on the money. Whether or not Fury feels remorse for the fallout (see what I did there?) isn't clear, but it does seem like Parker's murder was an unintended consequence.
This first issue has some beautiful art, most notably at Peter's funeral, and since Bagley's art pretty much defined the Ultimate Universe, it's nice to see him put a bookend on the series that started it all. Bendis' writing does not disappoint, per usual, and tugs at the heart strings without seeming too manipulative.
We're two issues away from the new Spider-Man reveal (said to occur in #3), but this universe-wide event feels huge enough that it's not the only thing I'm looking forward to. As Fallout continues expect it to de-emphasize the old Spider-Man (sob!) or find new niches for its characters. I'd hate to see Gwen go, but it seems like MJ has a more promising future in Reborn as a journalist. Hopefully we see more of how Pryde and Storm end up in the X-Men next issue (Oh yeah...where was Bobby Drake?!).
If you have any interest in the Reborn universe, pick up this book and keep up with Fallout. Bendis and Bagley are firing on all cylinders right now.