Finally picked it up and read it. Was looking forward to it based on some glowing reviews about it in this thread. Unfortunately, was not impressed.
The characterization was off. Peter's wife was just murdered, everyone is gunning for him and knows who he is, he just broke a sacred oath and killed a man... and he's cracking jokes about videogames and other stuff?! (If you want to see how Pete acts under real emotional duress look at the aftermath of his burial by Kraven, his robot parents, his fake clone revelation or even the JMS part of the 'Back in Black' saga... he's silent and no jokes. Just rage) And Aunt May totally throws Peter under the bus at the end. And then leans on Iron-Judas for support! That's not the Aunt May I've read about for years. The art was inconsistent and too cartoony for the dark tone of the story. I read it in about five minutes and was left with a total "meh" feeling. Plus, to end on a nitpick, the 'What If' stories today really lack something without the Watcher's narration.
It was just crap. Nothing offensive and totally disposable, but nothing worth my money either.