The cover to #20, at least to me, appears to be an attempt to recall the days when the SHIELD book didn’t suck. It looks a little like a Steranko drawing, is what I’m saying.
By the same token, this arc pits Nick Fury against Red Skull. But look at that weak-ass flag behind Skull.
Some evil organization called Leviathan—not the same one that DC has—is taking dead Baron Strucker’s DNA and trying to revive him to lead Hydra.
The story is convoluted enough (lots of focus on various villain groups) to require close and careful reading, but not good enough to get me to actually do it. In other words, I mostly looked at the pictures here. I actually like the creative team, but the subject matter is dull.
Marvel tried hard to get people to buy this–giving it a half-page feature in Marvel Age #94.