Armour Wars followed up Ultimatum, in which the world almost did end! I basically hop off Ultimates where Jeph Loeb hopped on, at Ultimate Power.

I actually enjoyed the Red Skull arc, apart from issue 5. I thought it was pretty tight. Cruel, yes, but reasonably well put-together. It's just... so tragic, for everyone. Ultimates, I think, dwells more on what Steve lost, and how lost he still is, and what it cost him and Gail.