"Matt Fraction was asked what "Fear Itself" is actually about. "The Red Skull discovers that Odin isn't the All Father. She frees him and is transformed into a deity for it," said the writer. The rest of the panel took comedic issue at this uncharacteristic news item in the Q and A session and chuckled at Fraction's choice."
Yup, his going that far.
As an Iron Fan, I am not surprised.
A couple of years ago, during the Avengers crossover "The Eighth Day", there were eight exemplars, avatars of ancient gods (The Juggernaut is one). One of them was the avatar of Valdorr, his name was Decay and everything he touched rotted away.
Now we know where he went.