It's actually not too bad. I was never really into the original Avengers books. Felt too Disney. I know they're Marvels version of the JLA but even Supes now doesn't sound like a boyscout from the 1950s. About the line-up:
Cap, and Iron Man - you can't go wrong with these to because you don't have Avengers unless their on the roster.
Wolverine - I love Wolvie but he is in way too many X-books as it is has no one at Marvel ever heard of over saturation. I know the Avengers hasn't been a great selling boo and they need to get something going to get people to buy. But I seriously hope they have Wolvie only long enough to be a credible member and not as publicity stunt and then move on.
Luke Cage - Decent enough character with a long history, better than Rage kid. Obviously an ethnic diverisity on the team roster thing but hopefully done right without all the stereo-type persaonlity.
Spider-Woman - Could be worse could be Electra, could be better could be Black Widow (the original one). Jury still out.
Spider-Man - Same as Wolverine. At least hanging with Cap will make both of them seem more respectable in the public eye.
Ronin - Could be the perfect thing to make Daredevil a viable character again. Of course having Cap and Wolvie on the team already they have all the combat oriented people they'll need. Of course if they do the right thing and have Wolvie leave then his combat skill and heightened senses will not be overlooked.
Sentry - OK the group needs a powerhouse until Thor returns and evidently this guy could fill the bill, But why so much yellow?!? Of course they could of gotten someone who already existed instead of creating this guy. My real pet peeve though is that he'll be the reason/foil/excuse to rewrite all of Marvel's history/continuity because evidently he's existed for years but no one remembers him. Hate that crap. Watch a few years for now we'll find out he was the reason why the Fantastic Four were first able to beat Galactus. Believe it.
Marvel needs the Avenger, they need something to put up against the JLA. So far with the exception of the whole Sentry thing the writing is pretty good.