I'd totally buy it... It seems that DC will make the effort to have comic books based off of the cartoon series than Marvel does...why is that?
That brings me to another point...Why in the [CENSORED] does Spider-Man NOT have any Direct to DVD movies? This should be a no brainer Marvel/Sony/Disney...
As for how far it would have gotten...We all know that in the series we would have gotten up to Pete's high school graduation and Gwen would have lived throughout the whole series. As for villains we would have gotten Hobgoblin and Scorpion for sure, Hydro-man, Belladonna and Man-Wolf were hinted at (Greg said the plans for Karven and John Jameson were connected). And also we would have gotten a new line up of the Sinister Six every season. But that's about it as far as we know...they won't answer any "what were your plans for the series" questions.