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We get a quick but detailed history of Asgard, Midgard, and the origins of the universe.  We find out why Loki is at odds with Thor, and how Thor got Mjolnir.  We see giants, gnomes and fairies.  Sif, Odin, Balder and The Warriors Three all make appearances, and despite all the back story they cram in (and all the words that seem to have way too many consonants), it's surprisingly accessible.  I don't think that the casual viewer would have any problem whatsoever becoming totally immersed in this world.

While it doesn't take place in modern Manhattan, it is definitely the Marvel Comics version of Thor.  Much like Stan & Jack's take on Odin's favorite son, this story is all about a boastful, pride filled warrior who cares only for slaying monsters and bagging babes.