Upon Further Review: This is a BAD BAD film, period
Back when I first saw this in theatres I called it mediocre with some merit and some hope for the future. Re-watching it again on DVD makes me realize I was being far too kind. This film is a mess. So much so, that it actually angers me as a Marvel fan.
This mock trailer basically sums up what was wrong with this awful film... http://www.youtube.com/watch?v=l2KSPiTOMR8&feature=player_embedded
This movie is just poorly written. They turned Peter Parker from likeable nerd to douchebag outsider. They played off a "relationship" with Gwen that was never established or believable at all. Every supporting character is one dimensional and used as a bad set piece. That includes Uncle Ben and Aunt May and THAT is a crime. Aunt May should be more than a dimwit asking for eggs. She's never used as Peter's moral compass and that is a KEY in any Spider-Man tale. Uncle Ben's death is handled poorly and the emotional impact is glossed over. Peter is depicted as more angry than guilty and that's adds no depth at all. He also orders the web cartridges through the mail and does nothing but develop the delivery system. WHAT? A few smart-ass douchey comments is also NOT good humor. There's also nothing that's memorable about any scene or fight in this movie. NOTHING. The Lizard not only looks terrible but is so cliched as a villain.
Overly praising this effort because you like the cast or have high hopes for the future doesn't do anyone any good if they think it's OK to write a script this bad for the sequel.