One of the graphic novels recommended to me (and lent), Infinite Crisis, was something I looked forward to reading as it will set up, and have ramifications, for the DCU. It is meant to follow the events that occurred during Crisis on Infinite Earths. I will admit that I started IC, got about 4-5 pages in and stopped. I read CoIE, and then continued. If you have not read it, I would definitely recommend reading first, as it helps set up many of the plot points in this Event.
While maybe not being as ambitious as the previous Event, it is still vast and remarkable. We start the story where Earth’s superheroes seem to have deviated from what they used to represent. Wonder Woman has just previously murdered Maxwell Lord, which had broadcast to the world by Brother Eye. Simultaneously, the Watchtower on the Moon had been destroyed. After this, the DC villains are actually working together as The Society, and are methodically executing and kidnapping heroes all across the globe. The Lanterns and Watchers discover the center of the universe seems to be shifting and planets moving. Finally, the O.M.A.C.S. come to apprehend Wonder Woman and a war ensues.
The meat of the story centers on the “onlookers” discussing how the superheroes have failed the earth and should not be trusted to protect it anymore. They agree that the earth that was saved during events of Crisis on Infinite Earths was the wrong earth.
The last tidbit I will say is this — Through the progression of the book a new villain is born, and he. is. a. BEAST. To put it mildly, he is extremely formidable.
I was very happy with the way everything progressed through the arcs presented and was thoroughly entertained.
tl;dr – Highly recommended if you are familiar with the DC Universe (Justice League members at least), though I recommend picking up Crisis on Infinite Earths and reading prior.