Oh, and I had also read this. But not volume 3, I have not gotten a hold of it yet because Dynamite is weird about publishing anything on a regular schedule unless it's complete and utter garbage.

In either event, this is a rebooted story of Magnus and it has been a fantastic re-imagining so far. Being a re-imagining and not a continuation, you can actually jump in without reading any of the original Gold-Key comics or the bizarre Valient comics.