I overwatched this movie in 2002-2003 and after SM2 I just didn't like it much anymore and was really overly-analytical of it.
But now, post-SM3 I've rewatched it seriously for the first time in years and it is a good movie. It is a stronger film than SM3 (which i like, flaws and all) and has the best villain of the three. And I think the events in SM2 and SM3 make it look stronger as it really stands up better as part of a trilogy as does SM3 (while I feel say POTC1 is being tarnished by its sequels).
It is still flawed but to watch it for sheer entertainment for the first time in a long time, it holds up. Maguire is good, Dunst hadn't grown sick of the role yet like in SM2 (she tries again in SM3, but while having a more adult character, seemingly has less to do than in SM1 and SM2) and Dafoe is brilliant as is Robertson.
It is just a good movie that has a great origin and while a cliche second act, it has a great villain and hero dynamic that limps through it with some very entertaining and memorable scenes (the kiss scene will probably become the defining moment of the Spider-Man trilogy/series when all is said and done).
It doesn't hold up to SM2 but it still holds up as solid entertainment and one of the few summer blockbusters of recent times worth rewatching years later.