First, I wanted to address the previous reviews who think Morrison is untalented. Simply put, Morrison is an incredibly talented writer, who has maintained the concept of character driven work over the schlock of multi-issue crossovers or Xtra features Xhuming dead characters for "Xciting" movie tie-ins.
Okay, that's about the most I'm going on a soapbox in reference to another company.
The focus should be on the Seven Soldiers of victory, the footnote supergroup of the silver age, which Morrison attempts to dutifully recreate with characters that he himself selected. The idea of pacing out the characters in their own arcs prior to the beginning of the main story is ambitious, but much like 'Infinite Crisis', the problem here is that unless you have access to the material, you will feel a little overwhelmed, and if you are an fan of the characters in question, then you might feel somewhat cheated.
The choices of the Guardian, Zatanna, Klarion the Witchboy, Frankenstein, Mister Miracle, the Bulleteer, and the Shining Knight were interesting. Volume one shows a real decision to make the concept of both the SSoV and the secret war to be something that could both stand on its own and play within the restructured DC Universe. What you have is perhaps Morrison writing at his best since 'Animal Man', but in my opinion below his initial stint on 'JLA'. I think that the concept is a solid and unique idea, but it fails slightly in the execution: Outside of Zatanna, Klarion, and the Bulleteer, I really don't feel the characters gel. I'm more interested in the resurrected Spider in later works, and I feel that the stand-alone arc storylines which are connected, represented in volume one, are more interesting if you can identify with the characters.
Morrison is one of the better writers who can direct the story to both affect the character and entice the reader to care. I think that if he (Morrison) had managed to use the original Mister Miracle or Shining Knight, I think that it would have worked more.
Still, in an era of comics which are sold purely on name recognition, the SSoV strives to tell a solid story without the devotion to featuring a crossover with a known character. The choice to redevelop existing characters is one I do not agree with, but I think that if you want to read a comic that is different than the standard fair, SSoV is a start, and this collection is one to start with.