Frankly, I hated what NEXTWAVE did to a lot of their characters, hence why I gave up on it after issue #2. The gag seemed to be Ellis believing that he could make fun of little known B and C list characters regardless if it made any sense. The problem is the book gained cult appeal so now other writers are carrying on, especially with Machine Man. Trading one cliche for an inferior cliche is not how to revive a character.
ULTIMATUM kind of bemuses me, even though I gave up on my last bastion of Ultimate comics, UFF, a few months ago. It bemuses me because it proves that Joe Q's Marvel has no sense of history. They tried to exact same tactic to save the 2099 line. It launched in the 90's and started out with a Spider-Title, then expanded to the X-Men and then others like Punisher, Hulk, Ghost Rider, and, uh, Ravager. It was hot for a few years and then started to collapse under it's own weight. It ran it's course. But Marvel then decided what the universe needed was a good disaster, some turmoil, and to be all shoved into one collective book. It FAILED.
ULTIMATUM appears to be doing the same thing. While you could say Ultimate infused Marvel with some new ideas that they took into 616, for better or worse, now Ultimate is pretty much a corpse that has been picked clean by predators and scavengers; it offers little but bones. The core purpose was to tell back to basics stories in an "updated" manner without the confines of continuity; but after 8 years and whatnot, it has it's own dense continuity. Fancy that! And what is the plan? Have some big disaster happen and then leave things with one book, probably ULTIMATE SPIDER-MAN as that is the only book that sells within the Top 25-30.
Even father back, Marvel tried to keep the NEW UNIVERSE going with some disaster and then squeeze it all into a few books after stretching thin, and that failed, too.
But, Joe Q's EIC tenure has often had an arrogant tone to it, a sense of "Nothing has been done before unless I have done it, and the things that happened before me are invalid and subject to change". While he has approved a lot of good things and runs, the stuff with more direct focus from the Quesada almost always crashes.
I've heard some people claim that Jeph Loeb is quickly becoming a modern day Rob Liefield; someone whose work somehow is able to sell decently without being terribly good.