Spoiler Alert
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Thor gets his tail kicked. Cap burns his hair off with a flamethrower, but Black Widow and Quicksilver do the real damage. Thor's belt is snatched during the battle and, after that, he can't even carry his hammer -- the weight of it drags him down a hill. He winds up in Banner's old holding cell, talking to a real or imagined Loki and then questioning his own sanity when he finds himself talking to a serpent coiled around his neck.
Quite a twist. Thor put up a decent fight, but the other Caps, the Iron Couple, Quicksilver and the Wasp basically beat him down. Captain America actually calls off the dogs and stops Hawkeye from finishing Thor off. Thor's last act in the battle is to hurl not his hammer, but whatever he ate for lunch.
Oh yeah: Thor winds up in a straightjacket, a normal straightjacket. The cliffhanger? Fury hints that the Ultimates are headed to the Middle East -- something Thor warned about as he pleaded for his teammates to stop smacking him around.
Thor fans will not be amused. Although, let's remember, in previous Ultimate battles Thor got dusted, respectively, by Colossus, Storm and the Hulk.