After tackling the Green Goblin (twice), Doctor Octopus and Kraven, Bendis turns up another of Spider-Man's traditional villains for this new arc, although it's not a villain in the traditional sense. It is an antagonist that has been with him since the beginning, though, and Bendis's fondness (oh, let's go ahead and call it obsession) with media and public reactions makes him the perfect guy to tackle this kind of story. This less-centralized antagonist also gives room for plenty of subplot development, with some interesting and sometimes frustrating turns in the relationship between Peter and Mary Jane. And Bagley is on top of his game as well; the last page of this book is one that will stick with me for a while.
Bendis's pacing has been criticized for being too slow, but on this book, I think it is almost always ideal. The opening sequence of this book is a great example of solid pacing. After a slow opening on the first page, the book jumps into an action sequence, continuing the manic pace as we fade to the newsroom, and then slowing down again to see Peter's reaction on the ride home. The result is that a sequence that Stan Lee probably would have done in two pages is done in ten pages instead, and it's probably about ten times as effective as well.
One of the other things I've noticed about Ultimate Spider-Man is that Bendis and Bagley are just as relentless with Peter as any other writers have ever been. When things are bad, Peter doesn't get a break, he gets something that makes it even worse. Case in point, this issue, where a bad day turns even worse as Peter gets home. I love how the creators play off of Peter's fears from his Uncle Ben's death this issue, where one recognizable thing immediately sends his mind to the worst place. While he definitely gets some relief from his immediate fear, however, the situation that has developed is not an ideal one either.
Like many, I've been enjoying the relationship between Peter and Mary Jane, and I'm kind of annoyed that they don't get to enjoy it a little more before the complications start in earnest. However, the problems developing with Gwen Stacy are right in keeping with Peter Parker's luck, and Mary Jane's reactions, while not entirely rational, are absolutely believable and understandable. The characterization is the strong center of this book, and some of the best examples of it can be seen in the conversations between Peter and Mary Jane in this issue.
Then there's the artwork, which hits a high point in this issue. Bagley's storytelling is required to do a lot this issue, whether it's conveying the slight differences in body language between the fake and the real Spider-Man, the depression on Peter's face or the emotions that run high during Peter and Mary Jane's argument, relatively small cues are required to help the reader understand what's going on, and Bagley nails it. In addition, the last few pages feature some big surprises, and the visuals are an important aspect of that.