Synopsis
Seven Avengers (Captain America, Captain Marvel (Genis-Vell), Giant-Man, Hawkeye, Songbird, Wasp and Yellowjacket) from various times, including alternate futures, have been brought together to guard Rick Jones, with the help of ex-villain Libra of the original Zodiac. They are protecting Rick from Immortus, and Kang is also on their side. They have just arrived for refuge at Kang's city of Chronopolis, to find it under devastating attack by the forces of Immortus.
They are mistakenly attacked by Wildrun of Kang's Anachronauts, who reports that Kang's lover Terminatrix is dead. The other Anachronauts have been reduced to fading temporal shadows. Wildrun takes them to Kang, who is supervising the installation of a working replica of the Sphinx time machine he used as Rama-Tut.
Wasp asks Kang how come Immortus is active when as far as the current Avengers know he was trapped in stasis by the Time-Keepers in Avengers West Coast #62. Kang dismisses this as either temporary or an example of Immortus lying, and the Time-Keepers as irrelevant.
Immortus is laying siege to Chronopolis to get the Heart of Forever, which enables Chronopolis to exist in all alternate realities (as opposed to Immortus's home Limbo which exists outside of them), as well as existing in all times as mentioned in the previous issue. Kang reminds the Avengers that when you go back in time to stop something bad from happening, you don't actually stop it. You merely create a new alternate reality in which it doesn't happen, and return to the present of that new reality. The old reality continues unchanged. The Heart of Forever would give Immortus the power to actually delete timelines.
Now that Immortus failed to stop Rick Jones from reawakening his Human Evolutionary Potential (in #1), he wants the Heart of Forever to destroy that particular timeline.
Kang immediately contradicts himself when he says that Immortus has already been pruning the tree of alternate realities (e.g. in Avengers West Coast #59 when he wiped out a reality in which several Avengers had died). Immortus wants the timelines to be tidy and constrained, while Kang wants a wild jungle, if only because it gives him more to conquer. This contradiction will be revealed in a later issue to be not a hole in the plot, but one of those confusing time-travel things.
The love-triangle between Giant-Man, Wasp and Yellowjacket simmers. In Avengers #59 Goliath (as Giant-Man then was) created the split personality Yellowjacket, who deluded himself that he killed Henry Pym/Goliath, perceiving him as a rival for Wasp. As Avengers: Earth's Mightiest Heroes vol 2 #5-6 made clear, Wasp and the other Avengers knew the truth, but didn't want to push him further over the edge. Yellowjacket is not pleased that Giant-Man is still alive and in a relationship with Wasp, when in his own timeline Yellowjacket is about to marry her. Leader-by-default Wasp avoids the subject because she wants to keep the team from fracturing. She carefully stops herself from addressing Giant-Man as Hank, possibly so as not to confirm that he is the man Yellowjacket thinks he has killed. And Yellowjacket isn't happy about the self-reliant woman she has become.
Meanwhile Hawkeye and Songbird share a moment. The past Hawkeye has never heard of Songbird, but the future Songbird benefits from the training the current Hawkeye is giving her and the other Thunderbolts.
Kang's technicians give Hawkeye a high-tech bow and arrows, unfortunately too powerful to easily use humanely against Immortus's warrior hordes. Even in the midst of a war the Avengers stick to their no-killing policy. Kang's technicians also give crippled Rick a battle-chair, but when it is overturned in battle, Rick manages to reactivate his power enough to heal his legs.
Despite the Avengers' help Chronopolis is overwhelmed, Tempus (revived from his 'death' in #1) captures Kang, and Immortus gains the Heart of Forever. He transforms it and the whole of Chronopolis into the Forever Crystal, apparently killing Tempus (again) and Kang. But Libra has led Rick and the Avengers to safety in the Time-Sphinx.