Spoilers after the cut.
I'm not sure what's going on, exactly.
We know that Bach absorbed the right hand of the Soul King. So now Bach is going to be the next Soul King (I'm assuming). He's also developed this strange new power where he sends out a bunch of one-eyed babies to consume his enemies.
Another weird twist.
Oh, hey, there's Haschwald. Haven't seen him in a while.
Ishida and Ichigo (plus the rest of his merry band of idiots) are nowhere to be found. Big surprise there, huh?
Once the curtain of one-eyed babies falls on Seireitei, the shinigami that are preparing to make their way to Reioukyuu decide to fight them off.
Boring stuff, really, until an arrogant jerk decides to ruin their fun by smashing all the one-eyed babies with his reiatsu.
Yup, Aizen is back. Rejoice.
It seems clearer now; Kyouraku intends to take Aizen up to Reioukyuu at minimum. Whether he will then replace the Soul King is still a mystery. Then again, there are many things that are still a mystery about this manga. And it looks like they'll continue to be mysterious until the final chapter is out.
Even then, I don't think everything will be resolved.