We're halfway through the arc now, where the frozen Captain America is discovered by a Nazi submarine in a Nazi-conquered America. He's run into a bunch of (mostly unpowered) Marvel Universe characters in their secret IDs who make up the resistance. And the leader of the resistance is his old partner, Bucky Barnes.
And when you realize that, you understand that Dave Gibbons has decided to make Bucky's death mean something, because if Bucky doesn't die stopping the Red Skull's rocket bomb, then the Nazis win World War II. And the only way that history can be set right is for Bucky to die on schedule.
Or else I'm wrong and Gibbons has something else altogether in mind. We'll see.
Other than the apparent telegraphic nature of the plot twist to anyone who ever read an alternate universe story, it's actually a pretty fun read.