I admit that I was biased against it right from the start.
Firstly, I thought the timing was atrocious. Deciding to put Tony Stark in a fascist or villainous light just as his movie was (hopefully) working to bring new fans to comics...? This was editorial lunacy!
I've already expressed my opinion on these boards that Captain America should never be used to divide Americans. Politically, he should be neither left nor right. Socially, his values should reflect all the positives of the "greatest generation" to which he originally belonged, but politically he should be neutral -- representing, insofar as is possible, all Americans. It cheapens his iconic status to side with one side of the aisle against the other, --as distasteful, if not moreso, as a politician wrapping themself in an American flag.
Beyond that, I doubted Marvel would handle the subject very well -- and after it had been handled so beautifully
by DC in Watchmen, The Dark Knight Returns, and the 1993 mini-series The Golden Age.
Really, it's seemed to me that for awhile Marvel has been stealing its "big" plot ideas from DC. (Lex Luthor becomes president, so the Green Goblin becomes president, etc.) The House of Ideas was having few good ones of its own, and didn't know how to handle the few it did have well. (I still haven't forgiven them for torpedo-ing The Twelve mini-series...stupid Marvel