Fear Itself isn't horrible, it just isn't as awe-encompassing as other Marvel Events have been. The main series is decent, but it is just pretty much splash pages from other issues. It feels very cobbled together compared to Marvel Events in the past, but the story has some great moments in it.
One thing I really wish they would have done was place more of an emphasis on the fallen hammers in the main books. Sure there is "The Worthy" mini-series, but in the main books the 7 fallen hammers that act as a herald to the coming Serpent, feel more like an after thought instead of a plot device. You get a lot of moments where the heroes are all gathered and state the bleakness of the situation, but you never actually see it aside from a few panels here and there. I assume most of these moments are in other books, but out of the three series I regularly read (Journey Into Mystery, Invincible Iron Man and The Avengers) that are part of Fear Itself, it seems that is where you get most of you character development.
I just really dig it because I am a mythology nut, and while of course it is a very modern superhero take on it, the mythology it borrowed from was represented pretty well.
After Siege and Fear Itself though I think Marvel needs to back off from the Asgardian focus it has been placing on the Cross-Over Events. The coolest things about Secret Invasion, Civil War and World War Hulk was the core of the stories were very humanistic and had a strong resonance.
Maybe once the entirety of Fear Itself is completed I will feel differently about it, but as it stands right now, it is good, but muddled.