So, here's my problem with this story arc: I started reading comics because I loved the character of Cable.  Yet, his book is the weakest of the series so far.  The New Mutants annual was sub par when compared to the first book in the series (the Fantastic Four annual).  It falls even further short of this issue in the arc.  It pains me to say, Marvel should not have used the New Mutants book for this arc.  
 
Now about this book: The story as part of the arc was interesting.  The high point had to be Rachel confronting Franklin.  Their dialogue doesn't help the reader too much (answers come in the finale), but you see the connection there.  The reader also gets to see Rachel introducing her Phoenix-self as Jean Grey's daughter, an act that does not go well.  Pathos abounds as hearts are broken in every aspect of the story.  
 
As for the bonus story, it is a gem.  Jean visits her own grave and has a conversation with an old woman.  Their discussion centers on knowing who one is.  It is delicately told and illustrated beautifully (albeit some parts are understandably less palatable).  This grave scene is infinitely better than the New Mutants attempt.  Kudos to Peter David for delivering a solid tale.
 
The reason I give the issue less stars than the writing deserves is because the art in the main story doesn't jive with me.  The only time I was ever impressed is when Beast goes nuts on Ahab.  Everything else just okay in the main story.  Still, a great book in my eyes.