There's certainly a lot to like here in terms of developments and character moments. First of all, as Spidey acknowledges, this technically is the only time he's actually beaten the Sinister Six (or is that Sinister Six 2.0?) and you definitely get a sense that he has to use his wits more than his powers to stop each one. I especially like how he stopped Electro using the ol throwing the tires routine, and also Sandman (which, I'm not sure if anyone thought of freezing him before).
Naturally, however, he's not so lucky when it comes to the romance department as we see that Liz tend to an injured Flash (who even with his cast on still tries to play the role of the bone-headed jock), get Gwen mad at him by saying she will not be his second choice, and even strikes out with MJ--well, technically, he doesn't since she accepts the offer of hot cooca, but he sure lost points for looking at her...um, assets? (Snapping her fingers to get him to stop oggling her was classic, BTW). And even when Gwen is clearly worried about him, wondering if he had been crushed, she's still upset at Peter. Of course, this is as it should be.
You also got to appreciate the little jokes such as Spidey unable to quip properly because of a burnt tounge, Sandman saying the Kraven how he as a bad experience with cats, Rhino making his bug pun, the little robot gargoyle bats squeaking "rematch," and of course Spidey's reaction to the Daily Bugle billboard with Jameson in a Santa Claus hat. Also, we got some nice cameo appearances from Blackie Drago, "Patch", and Cletus Cassidy (in a santa hat, no less).
Thing is, I'm still not entirely sold on Kraven "the Were-cat" angle for the show, or that Mysterio still tries to pass himself off as the evil Sorcerer Supreme (although how awesome was that Chinesse Dragon he was riding on?), and I didn't really feel the rapport between the villains this time around as one did during the Sinister Six episode from last season. Still, can't complain too much.
Of course, the real interesting development comes from the Master Planner Saga and the big curve ball (which was to be expected) that Doc Ock apparently is NOT the Master Planner. In fact, he may not even be Doc Ock anymore and is just plain Otto Octavious. No, the real kicker was that, perhaps, the Master Planner is actually Doc Ock's own robotic arms. That is a nice twist on the classic story, in that while it may not physically be Doc Ock, at least a part of him is involved. Although, I'm sure some might think it's too much like Spider-Man 2 with the AI tentacles, but I think it's an effective take, considering how long term Spider-Man fans already know the Master Planner is Doc Ock and that Weisman uses that to his advantage.
Oh, and that was a very nice ending, as well with regards to Aunt May's Christmas present.