So if someone was to ask me what the best stuff Grant Morrison ever wrote, I would point them to Morrison's work for what eventually would become the Vertigo imprint, Animal Man and Doom Patrol (yes, I'm ignoring his magnum opus The Invisibles but even with Mozart, Bob Dylan and the Beatles, you always need to start somewhere.) I was introduced to Morrison through Doom Patrol even though I probably would argue that his work on Animal Man was strongest with it's meta look at the comic medium through the writer writing the different versions of his character over the years, mocking the recent changes DC had made resetting the continuity in Crisis on Infinite Earths basically at the behest of continuity nerds (and of DC editorial who felt readers couldn't figure out what the fuck was going on--way to insult the customer!). Before Morrison, I always felt my favorite creators (John Byrne mainly) were always building on those that came before. Crisis had changed that to some degree--Byrne was able to rebuild the Superman mythos from the ground up and effectively start over (although I had missed Alan Moore's "Last Superman Story" right before Byrne took over, and that may be the best Superman story I have ever read), but what really changed it for me was reading Morrison's run on Doom Patrol. In regards to continuity, Morrison played along and got Steve Kupperberg to kill off the Doom Patrol members he didn't want and then tried his best to follow Arnold Drake's (creator of Doom Patrol) lead in making the Doom Patrol the outcasts Drake had envisioned them as. Former traditional superheroes were replaced by new members like Danny the Street, Flex Metallo and the first gender non-binary hero, Rebis facing them off against "villains" like The Scissormen and The Brotherhood of Dada. What this taught me was that comics continuity is basically crap. Morrison's take on Doom Patrol was not even going to be in the same universe as Drake or Kupperberg, so trying to maintain a continuity was a pointless endeavor (which is essentially what he was critiquing in Animal Man vis a vis Crisis Later, Grant Morrison would do a pretty spectacular run on the traditional superhero book JLA.
What does this have to do with New X-Men? Shortly after he left the original Doom Patrol Drake went on to write X-Men where he created Havok and Polaris. He also insinuated that Stan Lee had stolen the "outcast hero team" concept from him that he had put together for Doom Patrol to create X-Men. Since Morrison already had received his superhero bona fides from his work on JLA, I think Marvel was interested in seeing what he could do with the X-Men, confident that Morrison wouldn't make his version of the X-Men a new Invisibles.
And in this first volume of New X-Men it is largely a success. I am not aware of what X-Men was like before Morrison took over--but the team he presents is pretty sparse and for anyone who spent their tween and teen years reading Claremont and Byrne's run on The Uncanny X-Men you're going to be familiar with at least five of the six members of his version of the team, and probably all of them if you have read "The Dark Phoenix Saga" (and if you haven't rectify that now.) But if you are familiar with Morrison's "traditional" superhero work, you will be pleased to note that Morrison still can throw curve balls about heroes you think you have known forever. He has a take on the Sentinels that will have you scratching your head and asking "why didn't someone think of that before Morrison did?" and of course he has the ability to introduce us to the kind of mutants only someone like him could think of (telepathic quints? a guy with a singularity for a brain? where does he come up with this stuff?) He also introduces an interesting foil to Professor X that drives basically the story arcs of the entire volume--I don't know if that character always works, but I'll leave that for you to decide.
As for the art, the main collaborators in this volume are Frank Quitely and Igor Kordey. I am a very big fan of Quitely's work, which I was familiar with from his work with Morrison on All-Star Superman (which was after New X-Men but nothing goes in a straight line, right?) but I was not feeling the issues drawn by Igor Kordey. His art isn't bad, but compared to Quitely, I think I was bound to be disappointed.
In all, this probably should be on the must-read list for Morrison fans. Morrison has shown he's at his best when he's given complete freedom with the characters he is working with (although I'm sure some could argue that The Invisibles is Morrison at his self indulgent worst--I don't agree) but he does do a pretty damned good job when he has to work within the confines of a framework not of his choosing...how he manages to to get outside that box, a literary Houdini, without pissing off his bosses? Pulling off that trick is always great too.