Abraham Rieseman, of Vulture, got to see a preview of Marvel Universe Live!, and had this to say about it:
Right at the beginning, the show shatters the film-universe boundaries: Iron Man is hanging out in Avengers Tower when feisty teenage Spider-Man stops by for a visit. Now, of course, that happens all the time in the comics … but in the comics, Spider-Man hasn’t been a teenager in decades. So this isn’t the comics universe, either. They get a distress call from Nick Fury, who is African-American. That means he’s not the original comics version of Fury (who was white), but he’s also not the movie version of Nick Fury (who is African-American, but is a smooth-talker in a black trench coat; this Nick Fury is closer to Nick Fury Jr., an African-American character introduced to the comics as a result of the success of the movie version of Nick Fury). Nick Fury then fights aliens called the Chitauri, who only exist in the Marvel Cinematic Universe, although they share a name with a species that once appeared in an alternate-universe comics series. Wolverine is there, but the other X-Men only make brief cameos, and there’s no sign of the Fantastic Four — all of which plays into the comics-industry conspiracy theory that Marvel wants to downplay the characters whose film rights are owned by Fox because it has a bad profit-sharing deal with Fox.
Check out some footage of it: