I have to say that I'm really disappointed (but not surprised) to see Spidey and Wolverine and the rest of the X-Men in it.
The Ultimates stopped being "The Ultimate Avengers" during Grand Theft America and instead became "Ultimate Marvel Universe". It's the franchise flagship - not that there's anything wrong with that, the problem is that it generally means over-saturation of popular characters in shallow stories to sell more comics. I think there's not going to be much point to the series at all. But then it's Jeph Loeb writing, and so I'm sadly not surprised.
I wish I wasn't 'fanboyish' in hating something on principle ("Jeph Loeb's writing it?! It MUST be terrible!") but - ugh, it's just how I feel. Sad but true.
As for the art - I like Joe Mad a lot. But for some reason, he's ****ed up Thor and Captain America and Wolverine a great deal. The three main characters on his heroes cover, and I think they look poopy. I believe this is something of a rush promo job Joe Mad did, as opposed to a finished piece of the quality of the comic (crosses fingers). One thing I can't fathom is Magneto. Why is he looking at us? He's turned sideways from the fighting. Does no one else think he just looks insanely stupid?
That said, ignoring the lack of cohesion of the 'story' side of the cover (why is Venom with the Brotherhood? Why is Storm a villain?), there's some brilliant images. Venom looks great. His tongue is serrated! Madrox and Sabretooth look cool too. My fave villain though, is the Blob. This is why I've enjoyed Mad when he draws pre-existing characters as he has a way of drawing them very... uniquely. I don't mean the japanimerican style, I mean the approach to the character. Making Blob a kind of gluttonous zombie, to my knowledge, hasn't been done before, and in my opinion, a great approach to Blob. I really like it a lot. Black Panther and Sif (or is it Valkyrie) both look great too.
I also really like Hawkeye.
Two reasons - on a story level, with Black Widow gone, it makes sense that Hawkeye would kinda fill the 'spy' role (the alternative is to get a new spy in). Hawkeye was always the 'second spy' of the Ultimates, without Widow, he gets promoted.
The other reason is I think it's great for Ultimate Hawkeye. Like Cap lost his bucanneer boots and his wings, replaced with a military-issue costume, Thor lost his cloak and archaic boots, and so on in Hitch's redesign, it actually makes a lot of sense for Ultimate Hawkeye, who's part of a military superhuman defense initiative, and a member of covert operations within said initiative, formed in the 21st century to use easily compactable firearms and infra-red goggles than a bow and arrow.
Actually seeing this Hawkeye makes me wish Hitch had gone this route originally, with Hawkeye being a master sniper. That said, if he had done so, he would've overlapped too much with Black Widow, and so, it doesn't bother me that he does use a bow and arrow.
But as I say, for Ultimate Hawkeye, when you look back at the ultimizing ethic in place when the Ultimate universe was fresh and strong (about five years ago), I think Mad's design is absolutely on the money - though, perhaps, a little too Grifter.
Nonetheless, I have less trouble with Hawkeye using guns (something he did do in Hitllar's Ultimates), then I do with him using cutlery and fingernails to destroy his enemies.
Hitllar had Hawkeye ripping off Bullseye long before Joeb did.