Occurring contemporaneously with All-New X-Men, Volume 2
, this recounts events from the "other" X-Men's point of view, the revolutionary team led by Scott Summers/Cyclops and including Magneto, Magick, and Emma Frost.
So basically, after the "Phoenix event," the X-Men's powers were all broken, so Magneto & co. have been radically depowered, which is obviously a narrative device so that Magneto can't just roll up all their enemies into a ball and toss them into space like the old Magneto could have done.
The team runs around recruiting new mutants who are popping up around the world. Cyclops's message of preparing for the coming crackdown is scaring S.H.I.E.L.D., so they react by behaving pretty much exactly the way Cyclops has been warning they would: the X-Men visit the home of one of their new recruits to reassure her mother that she's okay, and the Avengers drop out of the sky ready to beat up everyone in sight.
The fact that the kid in question had always idolized Captain America was a button that could have been pushed harder, since Captain America, of all people, should have been able to see "what's wrong with this picture."
The rest of the volume is taken up with what seems to be major subplot #2: Magick's powers are going awry. Back when that happened in the original Claremont run of the X-Men, it meant bad things. (Magick, aka Ilyanna Rasputin, you may remember, has the mutant power of "teleporting" by transporting through Limbo, and she eventually was trapped in Limbo and become some kind of demon queen.)
Looks like it means bad things again. So, there is the metaplot of how the U.S. government (which in this series really does seem to equal "the world" - I mean, come on, what are the Avengers doing showing up to arrest people in Australia?) is about to start a race war, and the subplots involving all the individual X-Men: Emma Frost and Scott are pining for each other while insisting they are through; the teenage new mutants are behaving like teenagers; Magneto is, as usual, ambiguous about which side he's on; and Magick is about to drag everyone into hell, literally.
This has a freshness that is as appealing as it's meant to be to a new readership that isn't necessarily familiar with 50 years of X-Men continuity, while still appealing to old-timers who are. So I find it much more recommendable to X-Men fans of any age. I'm still not going to buy individual issues, though, but wait for the trade collections to come out.