Yeah - I'm finally getting somewhere (after more than a hundred issues of build-up) and am just past IC1. Having acquired all the issues I want and being able to read them in (something like) the right order only adds to a pleasurable experience. Enjoying it so far.
You're in for a fun ride! I would caution you about how high your hopes get as you close in on the end of IC. Most things do come together nicely, but I think you'll see that at least one of the four major threads leading into IC never quite seems to go anywhere significant, other than to just add at bit more superfluous big action scenes in the end.
Overall, though, I think the epic lived up to more of its antipated promise than not.
The Society, a consortium of Super-villains led by Lex Luthor, with Deathstroke, Calculator, Talia, Dr. Psycho, and Black Adam, continues recruiting members en masse. They are taken aback when they receive word that a third-rate former villain named Catman turns down their offer for membership.
Blue Beetle visits Oracle. She discovers that Kord Industries is almost bankrupt and that money has been siphoned through Waynetech and into a project called OMAC. She also discovers that Booster Gold is using Beetle's ATM card. After Beetle locates Booster, the two dine with Max Lord to see if they can find out what's going on with Kord's money, but he dismisses their concerns.
After fighting a mysterious cyborg called an OMAC near his new Fortress of Solitude in the Amazon the night before, Superman returns to Metropolis and encounters a new villain called Blackrock. He takes the villain's source of power (a Black Rock) and throws it into the sun.
Bruce Wayne learns that he has lost controlling interest in Kord Industries. A new vigilante, the Red Hood, announces his presence to Gotham's underworld. Gotham's new crime lord, the Black Mask, recruits Mr. Freeze. By evening, news of the Red Hood's exploits hits the papers.
As Speedy, Green Arrow, and Green Arrow's son Connor Hawke are about to walk in the front door of their home in Star City, it explodes.
Beetle goes to the Batcave, but gets waved away by Batman.
Shortly after Beetle leaves, the Red Hood disrupts a shipment to the Black Mask and releases Amazo. Nightwing, with his leg still healing, comes to check on Batman. Batman and Nightwing fight Amazo, Mr. Freeze, and the Red Hood, and recover 100 pounds of stolen kryptonite.
Eclipso, now in the host body of the insane Jean Loring, approaches the Spectre. The Spectre, untethered by a human host, is confused and without compassion - a being of pure vengeance. Eclipso is able to convince the Spectre to wage a war on magic to eliminate all evil from the world. He begins by attacking the bigs guns. He battles the Phantom Stranger and turns him into a mouse.