I think this was their first appearance, and they got changed to Squadron "Supreme" instead of "Sinister" later, or perhaps more precisely a second "good" version was introduced. Wasn't the good version from Counter-Earth or something like that? I've seen the limited series/graphic novel but not read it. Any good?
Ah, they just mentioned Nadia Comaneci when the Romanian gymnasts came out--I had such a crush on her when I was little :)
I liked it... I thought it was a good take on the "what if heroes ruled the world" story. The Squadron's Earth is all messed up, so the Squadron decides to take over for the benefit of mankind. Nighthawk doesn't like their methods, though, and defects to form a group to oppose the Squadron. Ends with a big fight, several heroes on both sides die, etc., etc.