"Well, eh, it's all in your point of view!"
After last issue being a fairly dull story about Communists while setting up the dynamic further between Donald Blake and Jane Nelson(?), this time things are pretty damn good. And seem to be heralding a significant change in the status quo.Thus far, Thor has just seemed to be Blake inheriting the powers and form of the ancient Norse god, with no suggestion that the Thor we see here literally has the mind of the actual deity. I don't think that unambiguously changes here by any means, but things start to blur.
And that's right from the start. Because we suddenly see the rainbow bridge of Asgard, where the booming heavens roar. And we behold with breathless wonder... a tree. Loki has been trapped there for a very long time by Odin, and naturally the consequences of this in terms of mental health are just handwaved away, as this is ruled by the logic of myth. But he plays a clever trick on a freshly introduced Heimdall, and he's off to Earth for revenge on Thor... whom he seems to believe is his actual stepbrother.
And... the contest between them is very wacky but huge fun. Loki turns three New Yorkers into, er, negatives. Thor resolves this by using his hammer (said for the first time to be made of uru) to create. er, "anti-matter particles", which in no way swells like a one-off power for convenience. Loki hypnotises Thor, but he's saved by the hammer's sixty second rule. And... well, Thor, or Blake as Thor, which ever he is, says Loki is "According to the ancient legends, the most cunning and wicked of all the gods". So... does he know of Loki only by legend? Does Thor, at this point, have only the mind and memories of Blake? At this stage, I still think so.
We end with Loki (water is his weakness, apparently) returned to Asgard, with cameos from Odin, Balder and Tyr. This is a rather good issue, and the world of Thor suddenly feels much bigger.

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