I think too much time was spent on Our Hero's turn from loyal brother to I Want To Lead The Society-To-Kill-Reggie Man. Like, after the bombshell is dropped, it just seems to go on a bit too long.
The story itself was a little too talky; everything happenED, but nothing was happenING, and I think I need more ING in my superhero fiction. The "telling the story" trope is overused these days, though I don't know if this was written before that started happening. Also, I think I knew from the start that Our Hero was talking to some sort of supervillain. I did like how he exposed them as being fake Feds.
One last thing -- Reggie going back in time and saving his parents but forgetting his brother would've led to an entirely-different upbringing, which might not even have led to an Aerialist. Kind of the "Star Trek" theory of altering the past -- most of it's the same, with only a few key differences. (For example, in "Tapestry", would Captain Holloway have seen Riker as being awesome for saving DeSoto and brought him to the Enterprise, or would he have said "wow, that guy totally disobeyed orders; I'd rather have this Quinteros guy from Starbase 74.")
For all that, the story did move well and kept me interested, even though I spent much of it trying to figure out when the action was going to start. I give it 3 Watchmen (Nite Owl, Rorschach, and Ozymandias) out of 5.