Synopsis
This issue shows us scattered parts of the ongoing Invasion.
The SHIELD helicarrier has been downed in the ocean in the Bermuda Triangle. The Skrull-Jarvis appears on the deck and asks Deputy Director Maria Hill to surrender (presumably for the whole of SHIELD).
The Skrull-Captain Marvel is attacking Thunderbolts Mountain. (But he's actually on our side, and is attacking the 'Bolts because by his lights they're really villains.) He defeats them but then Norman Osborn asks him for a chat, guessing that he's not really CM.
In Camp Hammond Gauntlet is leading the Initiative trainees to their quarters for safety when Yellowjacket turns up. With the Avengers missing and SHIELD unreachable he needs the trainees to go into action.
In Manhattan the Young Avengers are fighting Super-Skrulls. Their Vision can't contact any other groups. Half-Skrull Hulkling tries to communicate with the invaders but it does no good. Then the Initiative trainees arrive to help.
In the Savage Land Spider-Woman approaches the ruined Mutate base. She sees Echo and fires a blast at her. Echo shouts that she's not a Skrull. But SW continues attacking and appears to kill Echo. Then she enters the base where Tony Stark is trying do something about his Iron Man armour that has been crippled by the Skrull virus.
She starts to praise him for his work on Earth - turning heroes against each other, and rising to a position of high power. She tells him he's a Skrull conditioned to believe he's a human. And she is his Queen.
Back in Manhattan the Young Avengers and Initiative are defeated (including Vision getting shot through the head and trainee Proton getting killed). Then Nick Fury makes a last page appearance with his Secret Warriors.