Grant Morrison is more incoherent here than I've ever seen him - and I've read his Vertigo stuff. Too rushed, too hurried, not enough space given to let the story breathe. The ultimate bad guy gets taken down in one panel. Other panels appear stuck on at random, things from previous parts are not paid off properly (or at all) and the whole thing desperately needs an editor to rein Grant in.
Bottom line : a succession of nice ideas, decent art and an overwhelming love for Jack Kirby do not make a classic crossover series or indeed an actual story.