Really? This series reads completely different to me than anything else I've read by him. I've only read each issue once but I don't think I'd be able to tell it was a Loeb book if it didn't have his name on the cover. I thought it was pretty engaging and understandable.
Ultimate X #1 was at the time I read it my favorite Loeb comic, but it was still, in my opinion, pretty terrible. Not because of the problems the very existence of Wolverine 2 creates that others have pointed out in this thread, but because of clunky narration and worse dialogue.
It actually reminded me of when Aron Coleite was given Ultimate X-Men because he was Loeb's friend and thus wouldn't try to impose his own vision on Ultimatum. Every issue began with a character narrating 'I always wanted to be a hero', I guess because they were characters in a superhero story.
In Ultimate X the narration is cheesy and melodramatic (in my opinion). In Ultimates 3, the dialogue was as close to objectively bad as it gets, and here I just didn't like it.
Also, as an example, it was not realistic, nor dramatic, or funny to have the girl he was with say 'You are one of them and I was going to let you -- gross'. In my opinion that's the kind of writing that doesn't work on any level.
Each issue is a little better though, so like I said, I'll at least finish the first arc.