I've read #1 and #2 and it's kinda annoying for two reasons:
The first reason is that Hickman is clearly undoing all of Loeb's work and some of Millar's later work. This is a good thing as those stories were terrible, it's just annoying because we can't just have good, new stories, we have to first wade through the crappy environment to get something good out of it. It's annoying that Hickman has to take a moment to explain how Tony can have a new Jarvis, how there can be a Captain Britain at all, and so on, when I'd rather see Hickman just do what he wants because the guy's fun to read. He shouldn't have to apologise for other writers' mistakes.
The second reason that I find it annoying is that THE REPUBLIC IS BURNING is way, way too sci-fi. One of the things that made the Ultimate comics so unique was that they felt very much in today's world. They felt like very contemporary versions of the characters. The drawback to this is that they can be a bit dated in hindsight (as is the case with Hulk wanting Freddie Prinze Jr) but they still feel contemporary. Hickman's Ultimates could take place on Yargzon XII in the Jingitaxis Nebula without missing a beat. It's arcane as hell. Yes, some political elements are mentioned but they are so irrelevant and undefined it could be anything. This is fine for FF where we've got cross-dimensional Reed Richards and time-travelling Inhumans and Kree invasions and everything. The FF is supposed to be sci-fi and his sci-fi in THE ULTIMATES is good sci-fi (the Dome is a nice ultimization of Terminus from Byrne's FANTASTIC FOUR), I do like it. But it feels wholly inappropriate for THE ULTIMATES. It feels more like RED WING.
It's good stuff, but it's not THE ULTIMATES. Maybe THE AUTHORITY. Maybe, once he's done clearing the deck and he's building his own Ultimate team, maybe he'll turn it down but I seriously doubt it. I just hope I can acclimatize to the crazy sci-fi in a title called THE ULTIMATES.