Annihilation blew me away when it first came out all those years ago. I didn't know a thing about any of these characters when I picked up Annihilation: Prologue, but when I put it down I was hooked. Hooked enough that I went back and found as much as I could about where the characters were before these events, including but not limited to Giffen's Drax miniseries (included in is collection), his Thanos run, (sadly not included in this collection), and even Stormbreaker (not directly applicable to this story except for its inclusion of Stardust, Galactus's herald at time of publication).
Now, roughly fifteen years later? It still holds up to me. Book One contains the Drax miniseries, Annihilation: Prologue, and Annihilation: Nova. "Drax" gives us the latest incarnation of The Destroyer, and is a significant departure from his Infinity Gauntlet days. He's become a smaller, meaner, smarter character, now a far cry from his big, dumb Hulk-ripoff days. The Prologue sets up the rest of the story, with the assault on the Kyln from beyond the universe, the fall of the Nova corps, and smaller setups for the miniseries that make up the second act of the story, and the so-obvious-in-hindsight-yet-I-didn't-see-it-coming reveal of Annihilus as the Big Bad. And Nova introduces us to Richard Ryder's new status quo as the receptacle of both the entire Nova Force and the Xandarian Worldmind, which he is not at all equipped to handle in his present state.
I know this stuff isn't for everybody. It's pretty deep in the weeds; most of these people are third-string Fantastic Four and Avengers space characters who were at the time long past their glory days. The storytelling is not particularly friendly to new readers and doesn't concern itself with trying to be. The plotting is dense (less so on Drax), the concepts are obscure, and important plot points are buried in apparently throwaway lines and background chatter that could be missed even in repeat readings. But me: I love it. The Prologue got me hooked, and the Nova miniseries was my favorite lead-in (even though I found some of the concepts explored in Silver Surfer more intriguing), so this book gets top-marks for me.
Highly recommended.