Poor Villian. Poor Story.
One of the fatal flaws with these new characters of the 90s are they learn about themselves way too quickly to have even the faintest hint of realism. Granted, with a 3-issue mini-series and the character's debut at the end of the second issue, some liberties need to be taken. Some, not a lot. The story ends on a rather sad note, leaving it open for a villain to make his return one day but who will ultimately disappear into the obscurity of comic limbo.
Overall, it was a great idea but mistakes were made and kept it from reaching said greatness. Anything other than Gray becoming super-powered would have been preferable. Maybe a more extended fight with Punisher, perhaps. A golden opportunity was missed; you have two of the most lethal heroes in the Marvel U getting together and their battle is ended in mere pages. Sure, Punisher would have been outclassed, but he's gone up against super types before.
One and a half stars. The lackluster villain really drug this series down. Overall the concept was a good idea but the execution left you wanting.