Synopsis
A lot of this issue is written in the form of snippets of interviews for Avengers Assemble: an Oral History of the Earth's Mightiest Heroes. The completed parts of that appeared as backups in earlier issues of Avengers and New Avengers, and only covered the 1st decade and a half of the original series. Most of the interviews here are written as if looking back on Fear Itself.
Scattered among these interviews are scenes, mostly leading up to and including Tony Stark's announcement about rebuilding the Earthly Asgard in Fear Itself #1. But the 1st such scene is of Sin's army attacking from FI#2.
Then we go back to a peaceful gathering of the Avengers, which confirms that Red Hulk is now a member, as Protector introduces him to his girlfriend Annie.
The interviews talk about the atmosphere of fear at the time (as described in FI#1). The Avengers thought it might be due to all the 'events' the country had been through lately, like Civil War and Secret Invasion. Tony Stark thought the Avengers rebuilding Asgard would be a symbolic act that might turn things around.
Cue a huge Asgardian feast, during which Ms Marvel and Spider-Woman bemoan their long lack of dating action. Carol Danvers detects a spark between Jessica Drew and Hawkeye. And those 2 start flirting.
Interview bits establish that Hawkeye and Mockingbird are no longer married. But Bobbi Morse is still not that comfortable with Clint Barton maybe hooking up with someone else. Also Ms Marvel thinks having a relationship within the team is asking for trouble.
Then we finish with the big announcement as seen in FI#1.