Feh, I think this, like the first issue of Ultimate X is decent to good. It's certainly the best thing Loeb's written in a while (I know, that's an incredibly low standard).

The idea of seeing a bunch of vignettes about what's left of the mutant race and how they are dealing with both the trauma of Ultimatum and the current status quo is interesting. It helps that there are enough people on Ultimate Marvel Earth who don't reflexively go "Aah, Mutant, kill it with fire!" that there's a chance for a reasonably balanced discussion.