Well, this read like your average Hollywood summer blockbuster. Cool scenes, cool dialouge, cool special effects (thanks to McNiven)... and a plot with enough holes to fill the Albert Hall.
Not to say I didn´t enjoy it! It may be dumb, but it´s fun.
The best thing about this kind of story (even if I find the basic premise forced) is that you, as a reader, really has to pick a side. Its all about the characters - we all love Captain America, and we all love Ironman. To see them being forced to take opposite sides in a war gives it much more impact than the regular "the good guys versus the bad guys"-story.
It´s not new, and it has been done much more clever before (Watchmen, Supreme Power, Dark Knight Returns, Ultimates). But even so, Civil War (so far) makes for a nice coffe break-read.
By the way, so far I am supporting the registration act. If you think about it, its the only logical way to handle the situation. Even if I think perhaps the motives behind the act is questionable, and the behaviour of those who propose it, the reason for the actual act isn´t.
We are talking about individuals that can kill thousands of people with a single thought, or create a nuclear blast. You need a license to drive a CAR... why shouldn´t you need a license to make things explode? In an open and democratic society, there is a need for certain dangerous things to be restricted in order to protect the regular people.
The safety of the public outweighs the personal freedom of individual beings. If this wasn´t true, anyone with a gun should be allowed to walk around the street and kill drugdealers and thieves as they please.
Clearly, in the Marvel world, superheroes are needed. They got Galactus, Kree, Skrulls and thousands of supervillains to worry about. The heroes are necessary. And the government of course understands this - they are not looking to close their activities down. They are simply doing what any responsible government should do with dangerous people: educate them and supervise them.
The ONLY reason I can think of for voting no for this act is the risk of the superheroes friends and family being in danger, as a result of their identities being in a database. But this is already the case today! As has been pointed out, SHIELD already has files on most of the superheroes, and we have all read countless of stories where the people close to the hero gets kidnapped or threated by some villain who has figured out their secret identity. So that risk already exists, and there is no way to remove it. The registration act wouldn´t make it worse, or at least not that much worse that it outweighed the positive effects of the act.
With that said - Go Captain America!!