Two issues is pushing it. I think it could have been done in 4 but I wouldn't say nothing happens.
-Old villain team, already long-missing any recognizable faces, gets replaced with kids.
-Quentin Quire comes back and...ends up doing nothing.
-One "innocent" character uses powers to kill.
-Cyclops and Wolverine fight for a couple of pages.
-Wolverine leaves, peacefully, with other characters.
That's pretty much the entire story in a nutshell. It was handled poorly overall. Awful pacing and the confrontation everyone was waiting for did not deliver.
Speaking of pacing, there were two tie-in issues of whatever the hell that new-new-new-new-mutants series is called, with Hope and her little team...all they do for TWO FUCKING ISSUES is decide if they are going to fight while the Sentinel lumbers towards the island.

And what's even more hilarious is that none of the X books have caught up to schism yet, so in everything else you have Cyclops and Wolvie as buddies.