This feels like it's all over the place and a glance at the first page (listing the contributors) tells you why. It's a hotchpotch of lots of different people and in comics that is never a good thing. As well as that, you definately get the feeling that JMS is having to comply to and work with 'Editatorial Decisions' which dilutes things further. The general principal of Spiderman as an Avenger never really worked for me. Rather than a cohesive narative, things just feel like they're happening to get Spiderman (as a character) from where he is to a particular point by a particular time. Not just rushed, but actually sloppy; Morlun reappears (aparently back from the dead) with no explanation, We're never told what's wrong with Peter or even why there's anything wrong at all and while Peter's transformation could have arguably been seen as a naturally progressive evolution of the character given time and no interference, here the whole thing feels almost redundant. Post transformations the storey aludes to some big showdown, but this never actually happens. Basically, you get to the end and you wonder what it was all for and what it was meant to accomplish. In fact, plot holes, lose ends and a lack of explanations abound so much that in the next volume there is a very obvious and knowing in-joke which directly references to one of them. In the entirety of the Spiderman cannon, there are undoubtedly entries that are worse than this one, but in the context of the whole JMS run on Spiderman this is the low point. I know what you're thinking, but for me volume 5 is actually slightly better than this one.