This is entirely a transition issue, setting up multiple storylines. First, X-Factor and their sentient ship return from space, and the ship turns itself into an X-labeled tower right on the edge of Manhattan—X-Factor’s new base, from which they will take a more public role, like The Avengers.
Sabretooth is killing Morlocks at the instructions of Mr. Sinister.
And Apocalypse is finally done giving Caliban a full power-up. Caliban ends the issue by running off to kill Sabretooth, indicating that he still loves his old Morlock friends despite his having decided to hook up with Apocalypse.
It’s also the first appearance of Opal Tanaka, future girlfriend of Bobby Drake and the rare example of a “normal” human who never gets powers or anything despite being involved with heroes for many, many years. That means she doesn’t get tagged by me. Sorry, Opal.