I kinda wonder why didn't you make this a poll?
Anyways, my answer is "No." Is it different? Sure, but I don't consider it better.
Tony's popularity went thru the crapper and right now isn't much better. I really don't like him as head of SHIELD. Heck, I really don't like SHIELD at all right now. Wasn't SHIELD supposed to be an international organization? Now it looks like another branch of the government. I really don't need 2 "616" Avenger books a month. It would be better for everyone to have just one. The Thunderbolts work way better as antagonists.
The initiative, as least to me, cheapens the heroes a bit. The more like decoration now to keep the people quiet. It's also what's going to hang them when Skrull-a-palooza comes. I would have preferred that some heroes would have joined the police or one of the other Law-enforcement agencies. The current Initiative looks more like a private army and while a soldier can be a hero, it really doesn't always work out that way.
Steve's death has been handled well and I think Ed Brubaker deserves most of the credit on that. Bucky Barnes is great choice for Cap and the spy setting really works for the book. Heck, I hope Steve stays dead a bit longer.
That's all I have to say.