Much of this issue is focused on whether or not Magneto can be trusted. This is discussed among members of Storm's team of X-Men as well as within his own group. This all feels incredibly well-trodden, not really offering a whole lot of "new" points of view. Magneto has been an on-again off-again X-Man since the early-80's... I think we get it by now.
The distrust amidst Storm's team is most loudly voiced by... an Avenger, because of course the X-Men couldn't tell their assholes from their elbows without an Avenger drawing them a diagram! Captain Marvel questions the wisdom of trusting Magneto with the information that Inhuman Ulysses is "a thing". It's Storm's (rightful) position that, ya know... Magneto's a smart and resourceful dude, and he would've figured it out anyway. It's better for the X-Men to appear united rather than holding out on a potential ticking-master of magnetism-time bomb. I haven't yet read the "main" Civil War II series... is Captain Marvel the one they've decided we're not supposed to like in this one? I sure hope that's the case.
We check in on Magneto's team, and this is where this issue truly shines. Magneto, being who he is... and having lived the life that he has, is looking out for "his" people. Sabretooth makes an offhanded comment that Mags is starting to sound like "his old self"... a comment that appears to affect Psylocke.
Nightcrawler, from Storm's team, visits Magneto's group to discuss the potential ramifications of "dealing with" the Ulysses situation. There is some great stuff here, and moral quandaries are raised. It's been proven that Ulysses can see the future... however, what Magneto fears is that under Inhuman control, they may begin making whatever proclamations would best suit their interests, thus tipping the scales in this pending Mutant/Inhuman war.
We get a fight scene between Fantomex and Gambit in the Inhuman City of New Attilan. I remember there was a time when I'd see Fantomex and be pretty psyched. Those days are sadly long behind me. Fantomex was sent in by Magneto... Gambit was sent in to see if Magneto sent anybody in. Gambit wins the skirmish, and 'ports back home.
We wrap up with Psylocke apparently leaving Magneto's team. As she leaves, she runs into Sabretooth who doesn't try to stop her, and in fact tells her that Magneto probably knew she'd be leaving before she did. We wrap up with a mildly-disappointed Magneto accepting that Psylocke flew the coop... but realizes, a ha! this is the Marvel Universe... he won't need to turn over too many rocks before finding another psychic!