I just answered this on another board ...
Check out Silkcuts EXCELLENT review on the trade. My answer was reworded from comments I made on his review.
It's a great story, beautifully painted, but it's not really about Namor, much less 616 Namor. This story has no connections to the Marvel U, and Namor represents an abstraction -- his role could have been easily filled by any mythological sea creature, from Dagon to the Creature of the Black Lagoon.
Most of the book is about Stein, who is kind of like Ahab, and Namor is like a force of nature, like the whale, who he's chasing. Namor is a presence through out the book, because of Stein's obsession, but he doesn't actually appear on panel much... like 4 or 5 pages. The story is about science vs. myth, or more precisely, the conscious reasoning mind vs. the emotional subconscious mind. Stein's literal pursuit mirrors his mental descent.
Like I said, a cool psychological story, but disappointing if you were expecting to see 616 Namor. What I did love, as a Namor fan, was that Milligan took the the mythical connotations and connections, the archetypal essence of 616 Namor, and used it to fashion his version of Namor. One could argue, I suppose, that Milligan stripped Namor of all his superhero trappings, and showed why the character works.
Yes, it's got a seriously psychological horror / mystery vibe going. Trapped in a sub-marine ... never a good thing.
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