Lots of spoilers for issue 16.
A new Hyperion and Dr. Spectrum attack the Thunderbolts and Nighthawk--who'd come to take talk to them about Speed Demon stealing two million from him (last issue). They tussle, the Squadron gets away with Speed Demon/Whizzer and Nighthawk. The two feign acceptance of their world-domination plan (which for once is actually not an egotistical plan, but very reminscent of the original Squadron Supreme maxi-series and original T-bolts). Nighthawk and Speed Demon manage to get the prism away from the Doc, jam it in Hyperion's eyes, then the T-bolts show up and Atlas stomps Hyperion (literally).
Songbird kicks Speed Demon off the team and invites Nighthawk to join. Speed Demon finds his way to where Doctor Spectrum and Hyperion are waiting, and their boss the Grandmaster shows up....
Other noteable events: Mach IV, Fixer and Blizzard recruit Henrique Gallante, aka Darkling a mutant Darkforce user who fought the New Warriors. They recruit him from an Asylum though....
The new Swordsman shows up on the last page, he takes out some random guard and asks where his father is. Some deep enmity there and the Swordsman will be unmasked next issue. Can't wait.
The new Doctor Spectrum is Alice Nugent, she hired Hank Pym awhile ago to work for her back in Busiek's Avengers. Busiek originally intended for her to be the Crimson Cowl back in the original T-Bolts run, but he left and Fabian changed those plans, but has instituted her, very well I think, into the position of Doctor Spectrum.
Great issue all in all, lots of action, and some great scenes (Radioactive Man and Hyperion's "fight" is really neat, I thought).
Leonardi does a fine job on art, his style is, to me, reminscient of Clayton Henry--now there's a guy I'd love to see on this book.