Synopsis
The now-usual 'previously' page of recycled images this time just summarises Tony Stark and Steve Rogers' expansion of the Avengers. This issue concerns the origin of new member Smasher, and there is very little about the ongoing plotline.
A proper flashback shows Empress Lilandra and some of the Shi'ar Imperial Guard losing a battle. As Guardsman Immundra dies, Lilandra sends the original Smasher to warn Earth. He lands in a field in Iowa, and a bit of a lens from his mask falls out.
The lens fragment was later found by Isabel Dare, who lives on the Iowa farm with her father and grandfather (Dan). She studied Astronomy and 'other space stuff', but came home to help out when her mother died.
Later the lens fragment used Izzy's telescope to access Shi'ar transmissions via a cloaked stargate the Shi'ar have in the Sol system. It created a complete pair of exospecs, and then the rest of a Smasher uniform for Izzy. Then it downloaded lots of Shi'ar tech.
Izzy flew via the stargate to the Shi'ar homeworld Chandilar, where Gladiator of the Imperial Guard was now Emperor (since the end of War of Kings). While there she was inducted into the Guard as a Subguardian. (It turns out there are lots of Smashers in the Guard. Only one of them gets to be the Smasher, member of the elite Superguardians.)
A month later she returned home, to find her grandpa dying. He told her she had a special 'birthright'. And gave her an Avengers card, with a message from Steve Rogers promising Dan help whenever he needed it. We are to take this as leading to Izzy's Avengers membership.
Now, in Avengers Tower, Cannonball and Sunspot come to Tony Stark to find out where the rest of the team have gone. Stark has been learning the language of 'Adam' (from #3), and has found that his name is really Blackveil.
Smasher has been called to the aid of the Imperial Guard, and has taken some of the Avengers (Captain America, Falcon, Hulk, Manifold and Wolverine) with her. It is the scene from the preamble to #1, with (some of) the Guard (Manta, Oracle, Warstar and the current Superguardian Smasher) being 'broken on a dead moon'. They and some Shi'ar warships are vastly outnumbered by an attacking force. Warstar is down and Smasher is dead.
Cap sends out his troops. Hulk and our Smasher go smashing spaceships. Manifold joins them by teleporting one ship into another. Cap and Wolverine (and Oracle) take on the ground troops, with Falcon (and Manta) as air support. They hold the line until joined by Majestor Gladiator and other Imperial Guardsmen arrive.
After the battle is over, our Smasher is promoted to being Smasher of the Superguardians, the 1st human member of the Imperial Guard, to replace the dead one.
Later, back on Chandilar, interrogation of the enemy reveals that they weren't actually invading the Shi'ar Empire. In fact they were fleeing from someone else.