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Or is this taking place in the current day (Current 616, I mean.)? From my understanding, it involves the original 5 X-Men, but Jean is dead still, or is she back to life?
Current day.
All current series are set in the current day of the mainstream universe.
Uncanny X-Men is just following Cyclops' team and their new group of teens.
All-New X-Men is the series following the original teen X-Men (stranded in the current day), even if they're both operating out of the same headquarters.
Adult Jean: still dead.
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What's going on with Dazzler? Hasn't Lady Mastermind been in this? Why so much of Maria Hill? Is Mystique still a bad guy? I kind of want to get this series (Even though I'm not a huge fan of Bachalo's art.), but I don't really care much for past/present/future universes.
No Lady Mastermind. She was briefly in All-New X-Men, but defeated.
Mystique is always a bad guy, especially when she's pretending to be good. Like she is now. For a long time now, she's been posing as Dazzler: Agent of SHIELD, who she kidnapped to use as a source of Mutant Growth Hormone.
Since Cyclops is a wanted fugitive, SHIELD is a major antagonist. So, it follows Maria Hill would be there.
This series isn't dealing with past/present/future universes.
