No, really -- that's an actual 4-issue Marvel mini-series that wrapped up a couple of weeks ago, and I just got to the end of it. It more or less goes as you'd expect: Loki pulls a publicity stunt, at the end of which he "lets himself be talked into" running for President. (This makes more sense with the current Marvel incarnation of Loki, who is
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That may still be an ongoing process, and the Ultimate universe seems to have gotten merged into 616, but the Web Warriors comic suggests that most of the worlds that used to exist still do.
So overall, the impact seems to have been less than that of any of DC's reboots. They're redoing specific details here and there (eg, Captain Marvel is now in charge of a floating space defense station that seems to have replaced The Peak), but only around the edges...
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