The dominant, recurring narrative technique in this series is a two-page spread of a busy - to the point of being cluttered - action scene, framed by smaller panels giving us close-ups of the heroes and their commentary on and/or reactions.
This gives the comics a feel of lurching from one crisis to the next, with characterization pushed to the margins, and pages of exposition littering the valleys between the bursts of spectacle. What's missing is any sense of Bendis and his collaborators building their story panel-by-panel: there's no pacing, no development and choreography of the action. It's frozen spectacle, where the genius of Jack Kirby and the less-than-genius-but-still-compelling Marvel House Style he inspired hinged on the combination of spectacle and movement. (Not that we have to go back to the 1960's to find super-hero comics that have this kind of dynamism: check out just about everything John Romita Jr. draws.)
My guess is this is Bendis' attempt to "solve" the problem of doing a team book, because (a) it shows up in these issues regardless of the artist* and (b) it isn't as heavily used in Bendis' single character books, where the pacing - the panel-to-panel flow - is much more assured.
In terms of subject matter, there's nothing all that new here. The storyline about the Sentry recalls better comics by Alan Moore and Grant Morrison, the House of M follow-up recalls better comics by Chris Claremont, the "Ronin" arc recalls better comics by Frank Miller, and every time Luke Cage said anything, I was reminded of a better comic by Bendis himself. Even from a marketing p.o.v., there's really no novelty here, since the idea of putting Marvel's "big guns" - Spider-Man, Wolverine, and Captain America - in the same team book is essentially what Morrison et al. were trying to do for DC with their JLA run.
The fact that there are a lot of even worse super-hero comics out there doesn't make these issues any less depressing. Bendis is pro enough that there are still scattered bits of effective/entertaining business.
*Well, almost: Frank Cho's issues don't feature this technique. They do have these really obnoxious full-page pin-up-style drawings of the female heroes, though, which are probably my least favorite thing in the entire comic.