I've been a big Spider-Man fan for years. I guess you could call me an old-school fan, as I've really enjoyed much of what Stan Lee, Steve Ditko, and John Romita did with the character and his world back in the 60s. While waiting for the latest volume of the Marvel Masterworks series to come out, I decided to pick this up on a whim. Boy, was I glad that I did. Terrific writing and tone from Bendis and great artwork from Bagley. It was a treat to see the origin and some of the characters re-imagined for a more modern feel. The few issues that I have with the main continuity's origin were addressed and, in my opinion, fixed.
If I had a complaint, it's that some of the villain redesigns didn't work for me, especially the big bad of the first story arc. This, of course, is a taste issue and may not bother you too much.
After reading this, I felt compelled to come back on to Amazon.com, review this volume (my first one, mind you), and order the next one. I don't care that I'm late to the party - Ultimate Spider-Man is spectacular. While I'd say that the Stan Lee/Steve Ditko stories are the best place to start for people who want to get into Spider-Man (check out the Marvel Masterworks series for that), this TPB certainly isn't a bad place to go either.
This volume collects Ultimate Spider-Man issues #1-13 (the first two story arcs). As a nice little bonus, the cover art to all these issues are included as well as character concept art.