I just read issues 14-39 (and 1/2). It was pretty good, although I have some comments and criticisms.
Their take on Gwen Stacy is... interesting. Certainly a far cry from the naive sweetheart from the 616 comics, and just as far as the geek we've seen on Spectacular and the Webb Series. I like the geeky Gwen Stacy the best, and can't say I enjoy the bad girl persona Ultimate Gwen has.
Way too many tragedies were piled up on each other, especially concerning the parents of the main characters. Gwen's mom hates her and her dad blew up, Harry's dad is a monster (who he had to kill sort of), Eddie's parents were killed a long time ago, MJ's father is an abusive drunk; it just seemed to happen all too fast.
Speaking of MJ, Ultimate MJ has surpassed Raimi MJ as being the bytchiest Mary Jane I've come across. Seriously "Gwen is crying in the dumpster what a drama queen" "I'm jealous since Gwen's staying at Peter's place even though her mom left her and her dad died, and she has nowhere else to go!" You'd think she'd be more empathetic.
Also, how did Peter not know about MJ's relationship with her parents? He's been to her house several times, she's his girlfriend, and he seriously never asked?
The black suit arc was such a wasted plot. He only has the suit on for one hour. It's just, he's stronger, faster, and OH MY GOD, HE'S A MONSTER TAKE THE SUIT OFF!!!! There was no progression of him becoming a monster like the 90s cartoon did. Laaaaaaaaaaaame!. However Eddie Brock was a great tragic villain.