I have never read Miracleman before the current Marvel Comics reprints. I will be here to give you my impression of them as a first time reader as they continue to be released.
This issue opens with Mike Moran still facing down the Miracledog monster and he is so paralyzed with fear he can barely move. He tries to use the gun Mr. Cream gave him but then gets his fingers bit off and the gun is destroyed. Dr. Gargunza assumes his pet will be successful and sends his men out to find the bodies. They find the remains of Mr. Cream and talk about Miracleman being the ubermensch they were waiting for. So Gargunza’s henchmen are nazis?
Mike Moran runs away from miracledog and once again proves he is not as cowardly and useless as the text keeps saying. Even though he is terrified and bleeding he realizes that the miracledog monster can’t trigger its own transformation, someone has to say the “magic word” for it. Mike utters the word “steppenwolf” as the monster pins him down and turns it back into a harmless little dog. It is too bad he had to beat the little animal to death with a rock but better safe than sorry. And so all Mike has to do is wait a little longer before he can turn back into Miracleman.
Gargunza’s nazi henchmen arrive on the scene just in time for the transformation and see Miracleman coming towards them looking homicidal. And then Miracleman goes on a little murder spree. There is some head crushing and dismemberment as he makes his way to Gargunza. For a moment Gargunza seems oddly clueless before Miracleman smashes his way in. He grabs the mad scientist by the throat and takes him into the upper atmosphere. Through his narration Miracleman basically tell Gargunza that you don’t need godlike powers to appreciate the power and beauty of the world and that Gargunza only degraded himself by pursuing it the way he did. Finally Miracleman hurls Gargunza back down to Earth and the old man burns up on reentry leaving behind only a burning pelvis bone.
There is one last interesting bit at the end of the issue. It seems when Miracleman was first being published that the Eclipse Comics offices flooded and this caused some delays. The editor suddenly appears and addresses the audience directly to explain what happened and why they are getting some reprint filler issues until they can get back on schedule.