You have to give Marvel credit: when they decide it's time to close up shop on a universe, they aren't afraid to take a lot of folks with them. Marvel wanted to end the "Ultimate" universe with a bang, and they have definitely gone all "Joss Whedon" on it. Every single issue seems to see more heroes fall, though this one actually sees the death of a major villain.
Picking up where the last issue left off, we are given a quick death tally of the heroes (Nightcrawler, Beast, Dazzler, Professor X, and a bunch of others) and then Magneto continues to carve his way through the heroes.
Captain America and Valkyrie--both dead last issue--are rescued by Thor, but at a terrible price. I'm sure we'll see more of this developing in the last issue, as Magneto keeps using Thor's hammer as his own personal toy. This is just paving the way for Thor to shove it down his throat (literally) in the last issue.
The Wasp is dead, eaten by the Blob. We finally get to see Giant-Man's reaction to this after last issue's shock revelation. Let me put it to you this way, he snaps and it's not pretty. Blob won't be coming back any time soon.
At least one hero dies this issue (there's an ambiguous death here as well that I won't count), and he goes out with a bang--honestly. That's a far cry from last issue's tally, but I guess they had to slow down a little so they'd still have someone left to show up in the last issue.
While this series is far too unnecessarily brutal in my opinion, you can't fault this gripping story that constantly leaves you wondering where it's going next. While most series telegraph their ending far in advance, this one is anybody's guess. Marvel has proven with this story that no hero is safe, and I wonder if even Spider-Man will make it out of this one alive.