C'mon. Admit it. You like the occasional alternate reality version of your heroes. It's like brain candy for those of us who have had to drag around years of character history (baggage) ... not to mention, the dizzying spiderwebs of continuity. I actually would have like to have seen this lengthened into at least a few issue mini-arc, to do a bit more character development.
I'd be easy to throw darts at this story: (1) cheesy ending; (2) unimaginative character re-inventions (e.g., Paladin is basically a Punisher knock-off); (3) focus on a B-level member (Vixen). I'm not a Vixen fan but I did not mind the focus on her. Team centric stories are fine, but generally don't allow for as much character development. I liked how a couple of the characters (e.g, Red Arrow) seemed relatively unaffected by the change in continuity.
The art by Benes is my cup of tea. Bottom line, taken for what it is (a fun one-shot) this was a nice break from the recent tsunami of the mega-events (e.g., Final Crisis).
Story: 4 - Very Good
Art: 4 - Very Good