We first see the X-Men on the X-Jet, flying home from their mission against the Friends of Humanity. Kitty is going ape about the Magician and is asking him if he would teach her some new moves. Scott is worrying about Jean when he recieves a call from the Professor, asking when they will arrive. Scott thought it was odd that the Professor would call - he wouldn't usually call.
Then, Prof. X and Fury are discussing the Magician's powers and what he's capable of... Yes, I know I said the same thing twice. For the two page coversation, Nick and Prof. X were pretty much talking in circles about the Magician... They've come to the conclusion that he's responsible for something terrible.
When the Professor and Fury confront him, the manipulating begins... Scott flips and actually provokes the fight. Then, the Professor tells the X-Men to put the Magician down, but carefully, so that he can't use his powers on them anymore. After Xavier is taken down soon after, Wolverine takes the leadership position and pretty much encourages the team to kill the Magician... Finally, the Magician goes nuts and puts the X-Men in a tarry mess and claims that all he ever wanted was to be an X-Man... He was a fan even before he was a mutant.
Then, Jean comes in all Phoenix-y and is ready to do battle with the Magician...
Throughout the issue there was more padding... An entire page where Jean was just fooling with her powers, probably an indication that she feels she's got control over the Phoenix... And a page where Dazzler is missing from her hospital bed... Most likely to be elaborated on in the Annual.
I think the round-up and explanation issue will make this one make tons more sense... But that was just like putting my head down on a pillow.