I read it a few years ago, and it was totally mediocre. I didn't like the art very much, I didn't much like the story, and it just wasn't any *fun*. Then again, I'm not a huge fan of Spider Man, and I only bought the trade because I was hard up for reading material, but it still managed to let me down, even with those expectations.
There was the one good part with MJ in the hospital, Peter hears a siren and MJ sends him off to help people. I really felt their love, but even this was hampered because there was some kind of tragic mix up or something, and the fact that she was hardly ever in the book. (Also, I didn't assume it was the spidey-sperm, I assumed it was just close proximity, like Dr. Manhattan. But this is Cracked after all...)
So yeah, it killed a few hours, and it didn't burn my eyeballs from my sockets, but it definitely wasn't worth the money.