I got the issue yesterday, so I'll get right into things.
I would say, at best, this issue was mediocre. The story was rushed and we really didn't get much feeling out of the characters that we were supposed to. The only really shocking moment emotionally, where tensions had mounted so well, was when Peter shoved MJ away from him and walked away. I didn't feel as though Nick getting punched out or Harry being tranked was all that griping as I would imagine it would be. I'm guessing this was so because 1.) The coloring and inking in this issue was so bad it detracted your attention to how bad it was 2.) There was a little too much process with Nick Fury getting ready... I think that should've played out in the background.
I think I can rate the entire arc as the same. We've got choppy writing where we're jumping back and forth, trying to tie this into the first few issues of Ultimate Spider-Man, and we've got a story going along with MJ and Peter in the present where Harry finds himself in the middle. Now, this isn't to say that we shouldn't have had all of that explanation, I just think Bendis could have done better with what he was doing. I think he's putting too much time into New Avengers at the moment to allow this book to get back to what it used to be. The coloring has gotten to the point where I'm sick of flipping the pages (The colors that this guy chooses are so dull and boring... I'd like things to go back to they way were before #50) and I'm really not caring about what "shocking" moments happen in these issues.
One thing, though, was sort of interesting... Fury actually doesn't want Peter as an Ultimate anymore. He wants to take away his spider powers. This'll be interesting to see play out, and I'm wondering if Mark Raxton has anything to do with it...