I read this story as it came out, but while some hail this story as excellent and the best Spidey story in years, I was rather underwhelmed.
First, the good things. I did enjoy some scenes (Peter talking to the spider, the destruction of the abandoned building, etc.). Aunt May's characterization is definitely improving under JMS. The first Morlun/Spidey fight scene is a wonder. And JRJR's art is simply excellent (loved the shiny effects they had on the art, too).
However, for the most part, I didn't feel I enjoyed this story as much as I should have. One problem was the continuity errors. Gwen Stacy and Harry Osborn didn't go to Peter's high school, for instance. And what was with that line where Spidey said "I've never fought with someone who had the same powers as mine." What about the Spider-Women? Or Venom? Or BEN REILLY? All of them had similar powers. Why did they get ignored?
Also, I didn't really like the school shooting scene. While I don't mind Spider-Man tackling an issue like this, I didn't find it very realistic. A kid sends a spray of bullets at a large crowd of kids and NONE OF THEM get hurt? I didn't buy that.
Nor did I buy into Morlun's menace. I felt that he was hyped far too much within the story. "The first villian to ever tick [Spider-Man] off?" I think when the Green Goblin killed Gwen Stacy, Spider-Man was a BIT ticked off. "Nobody's ever hit me harder than that." That may be so, but for such a big threat, he went down pretty damn easily.
Speaking of the end, I didn't really like it either. I felt the humorous lines in the end were just way too out of place. The whole "radiation" thing was also pretty tasteless. (I will concede I liked the last page, though, and am looking forward to the new storyline.)
Oh, one last thing. I HATED Ezekiel.
So, all in all, the story was enjoyable, but I felt it misfired on quite a few things. Maybe I'm a cynical fangirl, but I would have liked a bit more.