Pretty OK issue. The main story with the Mandarin was fine, if a bit generic and short. Yost used an aspect of Iron Man: Armored Adventures, a show he produced, by having the rings being explicitly named after the Maklan race that created them. And even though I know that Christopher Jones is only doing this issue, I still enjoyed his art, being a huge imrovement over the rest so far. Only nit-pick I had was the rather-rosy Tony, but that's due more to coloring.
The second story was just a recap of the first season via Nick Fury's files being read by Maria Hill and Phil Caulson. They stop until the discovery of Viper as a Skrull, where Fury disappeared ever since. Hill fills in the rest of the season's even with her own biased view of them. The art is a little weird, but still an improvement over the mini-series's art. This one DOES open a huge plot hole, though: Fury explictly says that Black Widow was working for him as a mole in Hydra, which should have cleared her name......except for the fact that Hill later mentions that the Avengers suggested she was not a traitor, and dismissed it as speculation.
It seems like, much like the first USM animated comic, this is adapting animated segments, this time, the Fury's Files shorts from the Marvel Universe programming block. I dread receiving this, since the translation is really bad to panels, and it its rather intrusive between stories. I felt like they could have used these pages to add more to the main stories than for shorts that have already aired.