The good acronyms are the ones you don't have to look up every time you read it to remind yourself what it stands for.
By that standard, S.W.O.R.D. fails - I had to look it up: Sentient World Observation and Response Department. (Don't get me started on H.A.M.M.E.R.)
As a concept, though, it's a lot of fun, since it's the organization that protects Earth from extraterrestrials. It first appeared in Astonishing X-Men, along with its commander, the beautiful (and green-haired) Agent Brand.
It's a big concept, and it's off to a fairly good start here. This first issue is mostly about introducing all the characters involved, including Brand's new co-Commander, Henry Gyrich, her assistant, Lieutenant Sydren, and the mini-dragon Lockheed.
Also part of the cast is Brand's love interest, Hank (The Beast) McCoy. And why is it every artist has to draw him as a completely different character? Here Steven Sanders (who otherwise does a solid job) gives him the face of a horse instead of his more recent lion-like face. Even the John Cassady cover looks completely different from the interior version.
The story finds Brand having to deal with a number of problems at once, including Gyrich's attempts to undermine her authority, an intrusive bounty hunter (who might be familiar to longtime readers or trivia buffs) and an attacking invasion fleet. Just another day at the office.
It's still a bit early in the story to tell if writer Kieron Gillen has a good grasp of the characters involved, but it's a good concept, with lots of potential for dramatic and fun stories.
The backup story actually gives us a better indication of that, as it addresses a certain story point that a lot of us out here would love to see happily resolved.
So for now, the judgment is: not bad. We'll have to wait and see if S.W.O.R.D. makes the cut. (Sorry, couldn't resist.)
(Now what does S.W.O.R.D. stand for again?)