The first issue collected in this volume is a recap of Spidey's story-thus-far, but after impatiently skimming through that, I enjoyed the rest of the collection.
The villains start off being unremarkable, but get better as the volume unfolds. Early stories feature Rocket Racer and a new bad-guy named Big Wheel, but then we move to White Dragon who has a cool costume even though he's just a glorified Tong leader. I'm not a fan of the Punisher's nemesis Jigsaw, but when he shows up he's portrayed as such a humorous coward that I enjoy him. Chameleon, Electro, and Man-Wolf also show up and I like all three of those guys.
What's a little underwhelming is that all of these villains are hired or otherwise set in motion by a mysterious mastermind who's identity is extremely disappointing when it's finally revealed. After issue upon issue of setup and teasing, he turns out to be the guy Jonah Jameson hired to create the first few Spider-Slayer robots. He's become lethally sick from the materials he used and now blames both Jameson and Spidey for his impending death. And of course we get yet another Spider-Slayer robot that fails as miserably as all the previous versions.
The Man-Wolf story works really well thanks to its effect on Jonah Jameson and how he thinks about Spider-Man (and, in a rare moment of introspection, himself). I also really dug revisiting the Electro story with Captain America as guest-star, which was probably the first Spider-Man comic I ever read as a kid. There's some lovely introspection in that issue too, this time by Spidey himself.
One of the big developments in Peter Parker's personal life this volume is that he rushes his relationship with Mary Jane by proposing to her. She turns him down (harshly!) just in time for Betty Brant to return from Paris after leaving her new husband Ned Leeds. She wants to restart her relationship with Peter, which sounds like a horrible idea since a) she's still married and b) she and Peter were terrible together the first time around. What I like though is that Peter seems to realize this, just as he also realizes that MJ was smart to reject his proposal, even if the way she did it emphasizes a character flaw that she's going to have to work through as well. It's all very smart and thoughtful, as opposed to the melodramatic, hyper-emotional Peter of the early issues.
Not that Peter doesn't still have emotional moments, but they work for me in this volume. Like when Aunt May's doctor - who has always been super critical and belittling of Peter - finally gets the pushback he's deserved for years. I admit that when writer Marv Wolfman reintroduced him and Betty to the series, I was worried that it was just to bring back some old personal favorite characters, but Wolfman is intentional with them, letting Peter finally deal with some stuff that's been simmering for way too long.