This is meant to be the set-up issue for the upcoming storyline in Wolverine: Origins. The book is broken into three sections. The first two are the main story broken up into two chapters and using different artists and writers. The third section is a retelling of a classic X-Men story.
As a few others have mentioned, Daniel Way has quietly been establishing himself as one of the best writers on Marvels staff. He does not disappoint here either. There is something about his writing that just makes it air tight. I never feel confused or as though the writing doesn't flow.
Only time will tell whether or not this one-shot was necessary. It was an interesting teaser, but nothing more. I, personally think that a one-shot should be fairly self contained. This book reads more as the opening chapter to a very long story. Is Marvel changing the circumstances which brought Wolverine to the X-Men or just filling in the blanks?
It was interesting to see just how easily Wolverine resited Emma Frost's telepathy and the reasoning behind it. Unlike many comic fans, I like seeing Wolverine depicted as the toughest character in the Marvel Universe. And anything that can help enhance that image is welcome in my books!