After the events of Ultimatum, Spider-Man was presumed dead after being caught in an explosion at Dr. Strange's house. Only his mask was found. J. Jonah Jameson finally came to his senses and realized that Spider-Man was a hero. Thus, he decided to write an editorial for the Daily Bugle apologizing for his past actions and giving Spidey his proper due. The first issue of Requiem was essentially an untold Spidey story with Jonah's narrative bookending it (as these are stories that Jonah had shelved earlier.) The second issue, for the most part, was pretty much the same.
As the issue ends...
So, it turns out Spidey was alive all along and just buried under some rubble. I'm not surprised that he survived, but I am a bit surprised that he returned this soon and in this fashion. I had assumed that he had been trapped in Dormammu's dimension or some other predicament, and this seems to be a bit anticlimatic. On the bright side, at least the new reboot will start off fresh without any of the baggage from Ultimatum.
Looking back at Ultimatum, I suppose I should be grateful that Spidey's title escaped unscathed compared to what happened to the Ultimates, X-Men and Fantastic Four--no major deaths, no horrific characterization, etc. Now that Spidey's back, the only major change to the status quo is that Jonah has developed as a character, which is hardly a bad thing.