Incredible, breathtaking tale so far. I personally thought the juxtaposition of the confrontation with the butcher and Thor's memory of another God killer, quite effective. It added some weight and color to the villain.
I like the way Aaron is building this universe where Gods and men interact - and the variety of Gods that there are. I also enjoy how he's showing Thor's personality, the range of maturity, and a bit of his worldview at each age.
The art (including colors) is incredible, the Butcher was truly frightening to me, the way this black material emanates from these holes in his body. The foggy scenes in the longboats was eerie and gorgeous. I've never been that big a Thor guy in the past but between this and JIM, the Asgardians have become my favorite part of the Marvel universe.