I actually enjoyed this arc quite a bit as it was an interesting take on the movie version. Certainly something that I've never seen done before, especially since the images of the actual people involved in the production were used.
I'm a little confused as to why people are so down on Bendis. To be honest, USM was the only title I did originally read when I started up with the Ultimate line because I felt not enough had been done to the character to warrent the rewrite. Many months later, I ended up picking up around twenty issues for a buck a piece and sat down and read several arcs back to back. I find Bendis writing, while not up to par with Frank Miller (for example), he is certainly better in most regards to a lot of crap that can be found on the market today. He is actually funny and the interactions between Peter, MJ and the rest of the cast feel honest and real. Considering that he is writing about teenagers (mostly) I think he is doing a very good job. I particularly get a kick out of the fact that Peter frequently is seen screaming like a lunatic while in the middle of his fighting, a simple ploy that really hammers home the fact that he is not used to combat or high wire gymnastics, no matter what he is capable of. (Personally, I think the guy should sign up for fighting lessons with the Ultimates or someone like that.)