This is a great trade paperback. I'm not big on a lot of the more convoluted "event" storylines in comics, especially in the X-Men comics, so I tend to skip stuff like the Messiah Complex storyline. This comes right after Messiah Complex, but you don't need to have read that at all to fully understand the plot in this. It's a nice, fairly self-contained story.
It's obvious from the title, but the story basically comes down to Wolverine chasing Mystique all over, seeking revenge for her most recent betrayal. They throw in some flashbacks to provide a little more emotional context, and both mutants get lots of chances to use their powers in creative and cool ways. The absolutely BRUTAL fight at the end provides a great climax that's sure to satisfy.
The artwork is great too. It suits the tone of the story, and all of the action scenes and plot twists are depicted well (Mystique, as a shape-shifter, tends to use a lot of visual tricks to try and squeeze out of bad situations, and they're all shown marvelously). Wolverine and Mystique both just exude "cool." Plus there's a lot of explosions, which is always a big plus. :)
Considering the low cover price, this is a no-brainer. If you like the two main characters at all, you should definitely pick this one up.