NOTE: Post Updated March 2019
The splash page has Storm joining the Avengers, followed by Colossus—who is introduced to the team by Ronald Reagan.
Then Kang bursts out of Iron Man’s armor, and a gang of other Kangs come grab him up and take him to another dimension, where they kill him.
So, yeah, rad beginning to the story.
This is the one that introduces the concept of many Kangs in many timelines getting together to govern the multiverse—something a bunch of Reed Richardses would do several decades later. (The Storm/Colossus thing was an alternate timeline, and we also get some great fights between alternate universe characters throughout this story.) We see that the 616 Kang has been steady killing off all the other Kangs and replacing them with Kangbots. His main plot is genius: The 616 Kang brings the 616 Avengers to the limbo dimension, where the Kang Council meets, and throws a bunch of fake characters and robot Kangs at them to get them to swing wide and hard…
…so that they will unintentionally kill the one remaining alternate universe Kang.
Space Phantom also lives in the limbo dimension, and he knows what’s going on so Kang kills him before he can talk.
Space Phantom was one of the first enemies the Avengers ever faced, so killing him is “important” in that sense, even though as a villain he’s never really made sense to me.
We also see dire wraiths, who were banished to limbo by ROM, using his neutralizer.
In the end, Kang doesn’t need The Avengers to kill the other Kang—he does it himself, and it’s actually pretty bloody.
Then Immortus arrives and reveals that this was all his own master plan (and he, of course, is yet another version of Kang who diverged from the timestream as a result of Kang’s manipulating time). It turns out, Immortus is a good guy and he’s been enabling Kang to travel through time as part of his own master plan to stop Kang from.
This is weird, because Kang did a lot of damage for a lot of years. It seems like Immortus could have found a better way to stop Kang than to let him run amok through the time stream.
Also, Hercules punches the crap out of Growing Man.
Kang escapes at the end, and Immortus sends The Avengers back to their own time.
Not the best Kang story. Not the worst.