This story represents the first time someone other than Chris Claremont wrote an Excalibur story, and it was published during a really long, really bad Excalibur arc in their main mag, so I guess it makes sense to publish a serialized tale in this anthology comic.
Sadly, it’s stupid and terrible. That’s not an opinion, it’s an objective truth. If the panel above didn’t prove it, later on Meggan gets turned into toast.
The gimmick isn’t bad—each 8-10 page episode of the story features a different member of the team, until the end when they all get together and fight the villain who is not revealed until the end as Arcade. It’s just that the execution is so dopey and stupid—it’s not funny, it’s not fun, and it’s not close to being funny or fun.
I gave this story a D-. It was saved from an “F” only by the early work of Erik Larsen on pencils, which is pretty good.