Like SMroxs, I too am really digging this mini.
I had my doubts (that's generally the cautious approach to Marvel minis of late, I say), but it's really shaping up. I'm bummed at Banshee's death (not to mention a tad cheated - didn't they say that a really popular character was going to die?), but it was done way better than, say, Psylocke's, or most of Jean's. At least it was fairly heroic and for a reason.
And, like SMroxs said, this is how HoM should've been done. But, then, they made the fate the moment they signed Bendis to writing the main part of it. I really do dislike you, Mr. Bendis.
This mini, though, shines in that, though the villain is obviously very, very powerful and able to take down Scott and Rachel, and incapacitate Wolverine with only a few blasts, he's not some screwed up megalomaniac intent on uber-destruction. As someone else said, he's going to have an emotional connection with, at least, the original X-Men. And he's got a real connection and problem with Xavier. That's golden. I was wary in the prospect of Xavier having yet -another- dirty secret, but Brubaker's doing it well.
If Vulcan (that's his name?) was on Krakoa when the island got hurled into outer space... well, one, how many years within continuity (or whatever resembles continuity in Marvel) since K-island was hurled, and two... if Vulcan was dead, what suddenly brought him back to life? If he was alive, and just, say, comatose, why'd he suddenly awaken?