In this, once the Mutants go AWOL again (to rescue Lila from space aliens, during with there is interpersonal drama and peril), he dresses in his classic red-and-purple duds (for the first time since Uncanny #199 - in 1985 - well unless you count X-Men vs. Avengers which so far Claremont hasn't acknowledged once), and visits the Hellfire Club for a special meeting regarding the Weird Shit that is happening all over the city as a lead-in to Inferno. There they call him "Magnus", which is I think the first sighting of that name in the present day? Shaw considers him to be a rather lax disciplinarian, which isn't exactly how I'd have imagined Magneto, but yeah, that's where he's at. He, like the government with its Mutant Registration Act, makes decrees that he can't possibly hope to enforce, and the Mutants have no reason to cooperate with.
If Xavier were around, he'd sack him.