Bendis is a master at dialouge, there are not many that could argue that point. As the title jumps between the two X-men factions, the conversations they have and the natural way most speak to one another reads true.
The big revelation is of course held off until the final pages of the book so there is no immediate pay-off to the big reveal, but it does go a long way to tie what some considered bad characterization in All-New. You can see the coming together of all the threads begin here.
The story does feel padded and I am convinced this is going to be a story arc that could have been done in 3 issues which will be stretched out over 5-6 for the trade.
The art is decent. Anka is a complimentary style to Bachalo so his fill-in issues are much less jarring than what has come before (not that those were bad). He does lack the finer details in areas such as expression and backgrounds but you can see growth in his ability with each issue. The colors and the shadows were a little off for my taste in this issue as they are muted but at the same time bright and neon-like (I realize this does not make a lot of sense but it is how they come across when I view them).
All in all, it is another solid issue of the title, nothing earth-shattering, but the story is moving forward and other than the reveal at the end, nothing is out of place from the tone set since issue #1.
(I would like to note, while Dazzler is the main cover-girl here, there is very little of her "transformation" in the book. Most of what occurs regarding this had been shown in the preview).