What's funny is, the best version of Otto I've ever seen, which the movie actually borrowed from a bit, was from the '90s cartoon, in which Otto was Peter's favorite professor, and Peter was Otto's favorite student. The hook was that Otto HATED Spider-Man, but he LOVED Peter, so in one episode, where a weakened Spider-Man is unmasked in front of the villains, Otto sees that it's Peter, and because Peter had been fighting so much weaker than Spider-Man usually did, Otto concludes that Peter was merely POSING as Spider-Man, to save his loved ones. And even after Peter still manages to foil Otto's plans, Otto LAUGHS and says, "GOOD BOY, Parker! That's using the intelligence I knew you had!"
It was SUCH an awesome spin on their relationship.