I think one of the biggest problems with Siege stems from the fact that the events as they occur in the main Seige title are not being properly represented in the supporting books. If you read only Seige and ignored everything else, Thor and the Asgardians don't look so completely ineffectual. During the ramp up to the Asgard invasion, everyone associated with H.A.M.M.E.R. felt that attacking Asgard was a suicide mission. Not only would HAMMER have to face mighty Thor, whom no one short of the Sentry was believed to even have a chance of overcoming, they would also have to deal with all of "Thor's people," the enormously powerful gods of Asgard (remember Volstagg's stand against the U-Foes?).
If you recall, at the start of the invasion, Osborn employed a carefully orchestrated strategy using the Sentry AND a host of Dark Avengers to ambush Thor. The strategy worked but Osborn was unable to seal the deal thanks to Maria Hill (yes, this part is a little hard to swallow but she succeeded only because Thor recovered). With the help of Loki and Ares, Osborn also schemed to surprise and weaken the Asgardians. In the main Seige title, I believe there are few, if any, images of gods being easily brought down by HAMMER and its metahuman forces. Based on the battle imagery and dialogue, the outcome of the war seems anything but certain.
It is in the Siege supporting titles -- the Avengers, even Thor, and especially Dark Wolverine, that the gods are being portrayed as nothing more than time-lost mortal Viking warriors who are hopelessly outmatched by B-list metahuman thugs. Here, the gods possess no magical resources or abilities, and perhaps worst of all, they lack any quality remotely resembling divinity.
I think one of the greatest misconceptions about Seige -- and Marvel's own marketing is to blame for this -- is that Seige is a story about the mighty Thor. Or, at least, its a story in which Thor is the key protagonist. It is not. Siege is, first and foremost, a story about Norman Osborn and the Void/Sentry. Ultimately, it is also a story about the return of the Avengers. Thor and Asgard are merely providing the theatrical scenery upon which the true stars of Seige are having their stories told.
I still think Seige (core title only) can still be a good, dramatic action story that isn't necessarily told at the expense of Thor and the Asgardians. If Thor and co. rebound in a big way in issue 4, I might call it a success.
I am in complete agreement with this post. Someone like Bendis didn't have far-raning plans for Thor or Asgard, so I felt from the beginning it was all a backdrop for the true stars.
One odd thing about writing for Asgardian combat however...how often has Asgard been attacked by hordes of trolls, giants, demons, etc? These assaults have laid waste to entire populations of super-vikings plenty of times in the pages of Thor. I can swallow that earth-heroes are as capable as these mythic monsters. Moreover, if every Asgardian were as potent as the Warriors Three, Thor, Balder, etc. then you'd end up with a situation like in DC comics where they have a planet full of Supermen. It's overkill for one and when everyone is super, then the main hero isn't as special anymore.