Now, I want to say something here: I'm technically reviewing only the chapters contained in this book, not the book itself.
It might be that this book is indeed the same as the Barnes and Noble Omnibus I got, complete with some behind the scenes stuff between the 3 collected volumes, but I don't know for certain. If it does, you'll no doubt enjoy Bendis' comments once you finish an arc up, but if not, you're not missing out too badly.
As for the actual comics contained in this massive book, they will take you through an amazing journey into the Ultimate Marvel universe that you won't forget. It's a far less cluttered world than the regular Marvel universe where everyone is still figuring out their own roles in it, and this book is the perfect entryway to this world.
The story itself took me on something of an emotional journey which I really didn't expect. My first reading, a lot of the earlier parts of the book disappointed me with how slow things were going considering how used to being dropped right into the hectic action when opening up most comics. However, when I finally got over that unreasonable expectation and let myself enjoy the book after being assured things did pick up, I realized just how well Bendis lays out his groundwork for stories. Those earlier, slower chapters ended up making Uncle Ben's death hurt all the more, show just how much the classic lesson of great power and great responsibility was necessary for a Peter Parker who was clearly at a crossroads between hero and villain after being given the short end of the stick all his life, and really justify why Eddie Brock breaks down later on.
Sure, the pacing sometimes causes problems, such as how the first Goblin arc kind of ends suddenly as if it feels like there was a piece missing between his creation and his attack (though the second Goblin arc featuring Norman Osborn's point of view as well as just how villainous he can be makes up for this midway through the book). In addition, while most reoccuring characters are given plenty of respect (a few even figuring out Peter's secret), the ones that don't turn out to be more than they first appear (such as Flash) stand out a bit too much, though there are thankfully very few of these flat characters.
This book is a collection of 3 very strong volumes that make up the beginning of what has so far been a great series. If you're looking to get into a series, find there's a bit too much of a barrier for entry into the main Marvel world, or appreciate a good story about a kid who is trying to figure out how he fits into a changing world, pick this book up. Sure it may be a bit pricy, but it'll no doubt save you some trouble when you find yourself hunting down more of the series after you get hooked.