This is, in effect, a coda to the Moore/Gaiman run of Miracleman. Using Gaiman's framework of Miracleman plunging into the comics section of the MiracleLibrary, we're 'treated' to a handful of metafictions involving the world after -- and before -- the rebirth of Miracleman.
These stories run from the funny (Dick Foreman's The Janitor, I suppose, even with its 60s-Underground looking art) through bittersweet (Sarah Byam & Norm Breyfogle's touching if heavy-handed The Scrapbook) to the unintentionally funny (definitely the corny Wishing Upon a Star, with art by then-fresh talent Alex Ross, and the short-and-silly Limbo by Matt Wagner), and the talent at work here (Kelley Jones, Kurt Busiek, Ross, and...Val Mayerik?...among a passel of others) has as broad a range.
Overall, I'd say this was a better idea -- in fact, a brilliant idea -- than it was a final product. The stories are worth more as curiosities than as well-written, or even well-homaged, comic pieces. I think the only piece that really works in the intended fashion is Steve Moore & Stan Woch's Miracleman & The Magic Monsters, which does in fact read like a cheesy comic story (versus like a comic story of American 1980s/90s comics). It will come as little surprise that the best bits are far and away Gaiman's framing pieces.
Oh, and none of this book is by cat yronwode...except an intro to the covers section.