Here we are, at the end of both the second arc and Daniel Way's tenure on the series.
Summary: Venom plots another confrontation against Rulk with Wade. Punisher, Elektra, Leader, and Rulk go to confront Orestez; Elektra realizes it's a trap but Rulk proceeds to fall for it. Leader takes steps to protect the team from outside surveillance and Elektra is forced to make a difficult decision. Mercy continues to goad Leader.
The Good: The arc wraps up more cleanly than I thought, with several interesting character beats (particularly for Elektra, Rulk, and Leader). While I do feel like his art seems rushed, Noto's art is still great to look at and I'll miss him after issue #13.
The Bad: We still have some of the same issues the last arc had; in this case the most obvious is Punisher suddenly being with the group after Rulk jumped a pretty good distance away without him last issue. There is action in this issue, but it is primarily owned by Rulk. Given the character beats the other characters get this isn't a terrible thing, but it would have been nice to see the rest of the team contribute to the action.
Arc overview: This second arc is leagues better than the first, with Way making improvements in scripting and us getting an artist that seems to be more acceptable than Dillon was. There are still some issues with the narrative, but on the whole this arc was very enjoyable.