I have to agree with Johnny Bravo. I was very underwhelmed by it.
While there was some very exciting moments (Frank Cho's depiction of Spider-Man crashing through a flying van to save the driver being the best one, or Vulture preying on Spidey in the hospital) the whole run just was poorly plotted.
As you say, the threat to Aunt May didn't work because, guess what, we know she won't die. Millar should've had May been found at the end of the first four issue arc and used the kidnapping to build off the next 8 issues. Actually progress the story.
Also, the whole "ruling class creating super villains to distract super heroes" is a very nice idea but I think, completely inappropriate for Spider-Man. Spider-Man is not a political hero. He is not a big player in a global position. He is a normal guy (albeit, he's married to a super model, but we'll let that slip) who puts on tights to help people because his uncle was killed by a burglar and he blames himself for it, but try as he might, most people don't like him and his biggest nemesis is a local newspaper that hates him for no apparent reason.
Do you think the ruling class give a **** about him? Certainly not. He's not on their radar.
Now, imagine, same idea, but its Captain America. Here is this guy, a living legend of the second World War and a paragon of virtues. He believes he's helping the world, but only to discover that the flag he wears is a target, and the true criminals trample over it every day, messing up lives just to keep him out of the picture. His appearance jump started this whole programme and he's not a paragon of virtures, but a catalyst of woe. The flag he wears becomes a shackle.
It means a lot more to Cap, but it was wasted on Spider-Man as a piece of throwaway exposition. Shame. He could've saved it for Wolverine or DC's JSA, where I think it would've worked too. Or even The Ultimates.
The biggest problem I had with it were the horrendous amount of cop-outs and cheap turns to solve Spidey's woes.
Spider-Man, barely alive, is in a hospital with his mask off. The staff have covered his face in bandages, so his secret identity will be safe. But the Vulture (the guy who put him there) shows up and stands on the edge of his bed in a sweet black costume. The nurse says, "How can you do this? The man's on his death bed!" and Vulture replies, "I'm a vulture. It's what we do." Vulture picks up Spidey (who has no webshooters) and flies him out into New York city, undoes the bandages, is disgusted to discover the Spider-Man is a nobody, just a normal guy... and drops him over Manhattan. Spider-Man plummets, only in a hospital gown and bandages, his body broken and bruised, his head dizzy and dulled, and his web-shooters are gone.
How does he survive?
Black Cat swings by and picks him up.
Venom has found a new host, and is trying to kill Spider-Man to prove just how bad-*** he is. Spider-Man's been run down lately because ever since the Bugle gave a huge dollar reward for Spidey's real name, he's been chased around all over the place. Spidey manages to escape from Venom, but immediately Venom manages sneaks up behind him, and punches Spidey in the back and pulls out his heart.
How does he survive?
It turns out it wasn't Spidey but a guy trying to get the Bugle cash, and Millar just placed the panels together to purposely create this cheap surprise of a nobody getting killed.
Spidey's been hounded by all manner of people trying to cash in on the Bugle reward, which is very aggravating since he's trying to find his possibly dead but certainly kidnapped Aunt May.
How does Spider-Man get the Bugle off his back?
He takes photos of J Jonah Jameson's son, then photos of himself as Spider-Man in his son's appartment when he was out, to make it look like JJJ's son is Spider-Man. JJJ accepts this without question despite the sheer number of fakes he's had ever since the reward was put up and goes pro-Spidey.
(Though there is a nice touch with what Spidey does with the reward money. Very, very well done bit of writing on Millar's part.)
Spider-Man's Aunt May has been kidnapped, and he discovers that she was kidnapped by the Scorpion. The Scorpion did this under the Green Goblin's orders. The Goblin told Scorpion to kidnap May should he get arrested, which we saw happen right at the start of the first issue. The only way to get Aunt May back? Spidey has to break Green Goblin out of prison. Spidey knows that if he agrees, he will be the Goblin's ***** for all time. MJ gets a gun to protect herself and Spidey sends her away. Black Cat comes with Spidey to help him. They burst into the prison, and the alarm goes off and as the guards rally, Spidey and Black Cat manage to break the Green Goblin out of jail. As soon as they're away, Spidey and Black Cat walk into an ambush the Green Goblin set up; The Sinister Twelve have come to kill him. Twelve of Spider-Man's deadliest foes, including the Scorpion who has now bonded to Venom. Twelve against two.
How do Spidey and Black Cat survive?
The Avengers show up out of the blue and beat the crap out of everyone.
The Green Goblin's Sinister Twelve fail against the Avengers, and so he goes, finds MJ, and takes her to the bridge and threatens to throw her off the bridge again for the fourth time this month. Spidey and the Goblin show down, and the Goblin chucks MJ off the bridge. Spidey, confronted once more with Gwen Stacy's death tries to save MJ and fix the mistake he made so long ago - and succeeds in some damn fine style. But the Goblin bears down on him, and he won't tell Spidey where Aunt May is.
How does Spidey and MJ survive?
Doctor Octopus, brainwashed by SHIELD, shows up to beat up the Green Goblin. They fight to a standstill and then, deus ex machina, a lightning bolt hits them and they fall into the River Cliche that surrounds Manhattan.
But wait! What about Aunt May? Where's she?
Yes, it appears Millar has forgotten to. Spidey just goes, "Hmm. Where could she be?" - no new clues, nothing. But he works it out and runs to a cemetary and digs up a coffin. Aunt May's inside, he resuscitates her and she's okay.
I wonder why Spider-Man didn't just do a bit of thinking 12 issues ago when she was kidnapped.
Millar's MK Spidey was a repeating patter of one amazing set up after another, only to be followed by cheap cop-out endings.
Blech.