This is a modern retelling of Stephen's origins for the new reader (thanks in part to Marvel rolling out their Marvel NOW! program). I loved it. I think it did a fair job in showing the evolution of his character and emergence of his moral code, though the abruptness of Mordo's introduction through me off.
I enjoyed the art, especially the large panels with the Vishanti and Mordo's conjurations. It's nice to see a female artist working in this boy's club and holding her own.
As far as the inclusion of Defenders #1 goes - jumping straight from an origin story to one where Stephen's fully in Supreme Sorcerer mode (as it appears) would be a little jarring for a new comic reader or one who is unfamiliar with his character. Still, points for Namor because I love that asshole.