A part of me wants to four star this, but I realize that comes more from experience outside of the pages rather than in.
This omni collects more of the Uncanny and X-Factor issues that lead into the Fatal Attractions event than the trade does. It does make it a more cohesive read, though you'll still have the invasion of X-Force and Excalibur.
Lobdell gets a lot of flack for his 90s X-Men. But in all honesty, I think Lobdell does a decent job steering this ship post-Claremont. He doesn't trod new ground, which means the longer he's on the title the more it becomes stale and stagnant, but there's honestly good bits. You pick up one of his books and you feel like you're hanging out with your old friends. I generally prefer his scribing over Nicieza on the main two titles. Nicieza shines more on the secondaries.
The fun (sad?) thing about reading this in the year of our Lord 2025 is that this event was intended to mark the 30th anniversary of the X-Men's creation. Now we stand at 62 years... It is hard to believe this is actually earlier than the halfway point.
My review of the trade is a bit more extensive. And even better written, though a little silly on some of my artist comments.