O...K...let's try to figure out this one, shall we?
In the first story, Batman and GL travel the multiverse to get more information about the Anti-Monitor. They go to the Crime Syndicate's Earth-3, and Bruce somehow picks up the Anti-Monitor's trail from his rampage across the planet. They follow it to Qward, and Bruce realizes that the Anti-Monitor got his "powers" when he discovered and unleashed the source of the creation of the "anti-matter universe." It appears to be the Anti-Life Equation, though I'm not totally sure of that, to be honest. Meanwhile, in the secondary story, Diana and the rest of the League are trying to contain the damage from the Anti-Monitor's fight with Darkseid. Power Ring manages to separate the two of them, and a frustrated Darkseid calls upon someone named the Black Racer to kill the Anti-Monitor. However, the Anti-Monitor later merges him with the Flash. This Black Flash drives straight through Darkseid as the Anti-Monitor fires a cone of energy at him, (allegedly) killing Darkseid. Finally, on Apokolips, the anti-Superman appears ready to kick Lex's ass.
Although Johns does a good job of making this issue flow nicely (and Fabok is as on fire as he's ever been), I'll admit to being a little loss. We're deep into the mythology of the DC Universe here, with the Anti-Life Equation, the Black Racer, Qward, etc. If you're a loyal reader of DC Comics and a veteran of all the various Crises, it probably makes a lot more sense to you than it does to me. But, I guess we'll see. One of the reasons that I'm excited about this event is that it actually seems to be doing exactly what I need, introducing these "high mythology" concepts to new readers. I can handle a little confusion for dramatic purposes, but Johns should probably spend next issue laying out the basics of these concepts as if they are new. For the time being, I'm happy to be as lost as the main characters are.
*** (three of five stars)