В этой реальности Гражданская Война была пресечена радикальным образом - Аннигиляцией. Флот жуков из Негативной Зоны, пожирающих всё живое, достиг Земли в то время когда герои были заняты междусобойной сварой. Ричард Райдер, ака Нова, как мог вправил им мозги и когда атака пришла герои и злодеи планеты выступили против Волны единым фронтом. И были разбиты - армия Аннигилуса была почти бессчетной. Все крупные города Земли были атакованы разом, миллионы людей были съедены заживо. Только когда Нова обратился за помощью к Инхьюманам на Луне, земляне смогли перейти в наступление и отбросить противника. Но и этого было недостаточно, поскольку на подходе был другой флот, еще больше и еще голоднее.
Только тогда Уату, Наблюдатель, счел возможным вмешаться и поделиться одним из своих космических девайсов, который смог бы усосать Волну Аннигиляции в пустое пространство между мирами. Активация этого устройства принесла Земле победу, но дорогой ценой. Капитан Америка, Железный Человек и Нова пожертвовали собой чтобы обеспечить бесперебойную активацию. И сама активация оказалась катастрофичной, превратив Луну в кольцо камней на орбите Земли, вместе со всем что там находилось - убежищем Наблюдателя и Аттилан, городом Инхьюманов. Земля наконец-то была в безопасности.
На этом заканчивался первоисточник - What If Annihilation Wave Reached Earth? ван шот. Теперь мы знаем, что разрушение Аттилан выпускает Терригеновые Пары в атмосферу, которые активируют спящие силы людей с инхьюманами в предках. Так случилось и здесь. Со временем, осколки Терриген-кристаллов из Аттилан начали прорастать на кольцах луны, и по мере их падения, насыщать атмосферу парами. Человечество, чудовищно прореженное плотоядными жуками внезапно получило целое поколение новых Инхьюманов.
Королевская Семья и её подданные оказались в интересном положении - они потеряли свой дом, но взамен получили целую нацию. Благодаря их заслугам в войне и при восстановлении, они по сути стали героями для всего мира. В результате, когда они объявили всех новых инхьюманов своими подданными и Новый Нью-Йорк - Новым Аттилан для них, никто и не пикнул.
Впрочем они не единственные, кто выехал вперёд на волне восстановительных работ - Доктор Дум как всегда быстро сориентировался в ситуации и расширил Нео-Латверию почти на всю восточную Европу, под предлогом "помощи восстановлению" и рулит ею в своём обычном антиутопическом стиле хай-тека с душком черной магии.
Выжившие мутанты тоже получили второй шанс, когда Пары начали активировать силы потерянные после М-Дня, восстановив таким образом почти весь мутантский род. С поправками на кошмарные побочные эффекты, но и их в конце концов смогли побороть.
Однако в космосе зрела новая угроза - Техноорганическая Фаланга. Воспользовавшись разрушением оставленным после себя Волной Аннигиляции, они почти не встретили сопротивления на своём пути и начали ассимилировать выживших. Со временем на Землю начали тянуться беженцы - Крии, Скруллы, Ши'Яр, Альфацентавриане, Маджесдонийцы...
Год 20ХХ - Фаланга наконец обратила внимание на неприметный голубой шарик. Однако это была уже не та планета, которая едва пережила Волну Аннигиляции. Техноорганику встретил объединённый фронт галактических цивилизаций. Блек Болт лично встал в первых рядах армии богов и героев и призвал всех способных подданных присоединиться к нему. Фаланга еще пообломает зубы об эту планету.

Moar Lore:

Kree

Like anyone, Kree were hit hard by Annihilation Wave. Corrupt noble house lobotomized the Supreme Intellegence, squandered resources, almost allied themselves with Annihilus. It took some drastic measures on part of Ronan The Accuser to clean this mess up, which left him the sole Supremor of Kree people.
After Annihilation Wave broke on Earth orbit, they tried to rebuild their Imperium, only to find Phalanx raising up its head. A lot of people got converted, and plenty killed fighting the invasion, but the takeover was too swift. It was an incredibly hard decision for Ronan to order the retreat, but he concluded that the lives and freedom of will of kree people were more important than glorious death of everyone. He led the surviving ships to Earth, hoping to find allies in Inhumans once more.

The Kree arrived right in the middle of restoration effort - Earth was rebuilding itself from the ravages of Annihilation. For the most part they were greeted warmly. With exception of some xenophobia from the likes of Doom and his domain, genetally Earth appreciated new hands, and especially kree spaceships, capable of getting resources from space. After some acclimatization, Ronan established Empire in Exile, cementing his alliance with Inhumans by marrying princess Crystal. He still hoped to regain strength and strike back at Phalanx, but realized that this won't happen soon.

Opinion of Kree themselves is varied, like of any people. Some soldiers are still bitter at the retreat, thinking that Ronan showed weakness, others still cling to the genetic purity of the race, fearing that pinkskins living with humans would dilute the blood of the Kree. More vocal however is the new movement - generally of said pink-skinned kree, believing that Earth, with its new Terrigen Rings, is their second chance at breaking genetic deadlock. They hope that if they [STRIKE]have lots and lots of sex with[/STRIKE] live among natives, Terrigen Mists would change them as well. They are usually ostracized by more conservative members of society like hippies they are.

Skrulls

Skrulls got it pretty hard in general. Even before Annihilation Wave they fought destructive war with Kree and got their Throneworld eaten by Galactus. Their empire fractured, run by different warlords, each with his own ideas about how an empire should be run. A lot of green dudes died as a result, ending up as juicy bug-munch.

However things changed when Queen Veranke came to power. She promised her subjects a new world, and delivered on promise. Her Secret Invasion on Earth was a stunning success... it's just her subjects now numbered in mere millions, a drop in an ocean of population even a decimated planet.
Her skrulls now live on Earth, both secretly - mostly those who grew attached to their cover during the Secret Invasion - and in open. Large territories of what used to be Siberia were lent to them for rebuilding with a condition of technological exchange, necessary for remaining parts of Russia and Europe to resist the pressure of Doom and his New Latveria.

Unfortunately, Skrulls arrived after Kree, and the moment they settled in pretty much marked the start of Skrull-Kree Cold War. Neither side can afford to escalate the situation, but occasionally conflicts spark up, it's hard to bury the ax of war after so many years of bloodshed, even in the face of new universal threat.

Despite all this hardships, Queen Veranke is massively popular, her people essentially elevated her to nearly God-Empress status, praising her as the Chosen One who brought old prophecies to life. It's clear that she's here to stay, and many humans are concerned that she'll probably become their next adversary, after the Phalanx is dealt with.

Mutants

Unfortunately, a lot of mutants remaining after the M-Day bit the dust fighting against the Annihilation Wave. The core X-Men though (Emma, Cyclops, Logan at least) were fortunate to survive the hell and found themselves looking at the twilight of their race.
However the grim situation reversed itself in most miraculous (and sometimes horrifying) way. The new Terrigen Rings formed from the Moon that launched the wave of terrigenesis for new generation of Inhumans, also started repowering remaining mutants. Powers of awakened mutants were unstable and sometimes uncontrollable, so the work was cut out for X-Men.

They established their new Utopia in the ruins of San-Francisco. It was tough to help new mutants without magic touch of Hope Summers, but eventually with help of Magneto and Sage X-Men developed a process to stabilize terrigen-powered mutants at their new power levels. So ironically, the mutant race not only raised from its ashes, it flourishes in this post-Annihilation world.
Utopia even was able to afford to provide a shelter to few Shi'ar refugees led by Lilandra, escaped from cosmic meatgrinder that was war between Emperor Vulcan and The Phalanx.

Inhumans

Created long ago by Kree, Inhumans preferred to live a private life in their high-tech city of Attilan. Unfortunately, Annihilation Wave put an end to their isolation, busting their world wide open.
As it was said elswere, they lost their city, but gained a reputation of guarding angels of Earth and an entire new nation of freshly activated inhumans (or "nuhumans", as they're now called). Royal family took charge of rebuilding the main battle arena - New-York City. Under their guidance it took a majestic retro-futuristic look. Nowadays it's sometimes called New-New-York or (generally by inhumans) New Attilan.

It exists almost like Vatican - clearly inside the former United States, but Inhuman Royal Family rules it as its own domain. In fact, it pretty much unofficially rules most of the continent due to their part in the war, and overall being one of the few surviving governments (even if this "government" consisted exclusively of Royal Family). Their power base further solidified when Kree came to seek help from Black Bolt personally, thus essentially providing the Earth with space fleet beyond wrecked remains from Annihilation Wave. From that point on Inhumans cemented themselves as the prime power on the planet, challenged only by Doom and Namor. 

When Phalanx Conquest reached Earth, Inhumans became prime line of defense. Black Bolt leads by example, personally defending the orbit. By this point, almost all new inhumans powerful enough to survive in space are basically conscripted to defending Earth high above. Generally this swipes up most of high-level energy manipulators as well to serve as living cannons. However this still not enough - occasionally an attack bot slips past their defenses here and there and falls to the surface, forcing street-level heroes to deal with it.

Asgardians

Asgardian gods were missed badly during the Annihilation war. Many people believed that Thor alone would be able to turn the tides, and if he and his people were there, maybe everything would be different right now. Unfortunately, they were kinda dead at that point, Ragnarok and all that stuff. However death ain't gonna keep a god away from business for long, and Thor eventually returned to Midgard to find it in ruins. He took it hard, perceiving this destruction as direct consequence of his absence (damn death, always keeps a guy from doing his job).
Godly depression was mighty indeed, and public opinion in general didn't help. It took years for Thor to pull himself together, and even then resurrection of asgardians wasn't a quick thing. With human population decimated, not everyone found their host for rebirth. Only recently, when new generation grew on this new Earth asgardians were able to reincarnate themselves. Not everyone turned out being human, but that wasn't exactly important - after all they all ended up as gods.
Resurrection of asgardians received mixed responses worldwide. Most kree weren't happy when some of their kind suddenly transformed into completely different people, some aliens viewed it as a good sign - gods were returning after all. Many humans, first of all Doctor Doom, vocally condemned them however, saying that Earth pulled through Annihilation without gods and now they could not bother returning, since people don't need them anymore.

With Phalanx knocking down the doors Thor fully intends to prove them wrong. He fights side by side with Black Bolt and Ronan the Accuser with nigh-berserker ferocity, trying to atone for the time he lost in limbo of death.