Among other things, this issue is the very satisfying counterpoint to #53, with Pinnochio explaining in very detailed terms exactly why the Snow Queen's plan to destroy Earth won't work, and exactly how screwed the Empire would be if they tried it.
Which is very, very, totally screwed. Basically, Pinnochio explains that spreading disease with magic will kill millions, but it will also prove to the mundies that they're under attack, which will let Fabletown step in and direct them to the Homelands, which they will be able to destroy with relative ease, thanks to the way that the Empire is organised. And Earth will be more than happy to take their revenge, while also taking the Empire's hundreds of worlds for themselves.
Because of Pinnochio's magically-ensured loyalty, everything he says is the exact truth, so Gepetto agrees that their plan is useless... unless every member of Fabletown and the Farm is dead first.
Also, Beast and Prince Charming discuss what Hansel and his men are up to, which is apparently just exploring NYC, which is what both tourists and spies would do. And Blue talks to Rose about Red, leading to the possibility of a romance between the two of them.
The backup is about the Three Blind Mice, and is very entertaining.
Great issue, and as I said incredibly satisfying for anyone who has read #53. There are some great and very funny moments in it. My favourite line is "I've got my eye on a cozy valley down the way that needs a new King." :D
Mark Buckingham gets some great images to draw, full of things we've never seen in Fables before, and things that are just downright fun. Who doesn't want to see a modern army parachuting directly on top of a group of monster siege towers?
EDIT - it occurs to me that it may not have been #53 that I'm talking about. I can't go check at the moment. #53 or #52, one of those.