Is this set within the same continuity as the MCU?
Because Clark Greg plays Agent Phil Coulson in this, as well as in the MCU.
shareNo, this is a different continuity, and the third (as far as I know) to feature Coulson.
To me it seems, that Ultimate Spider-Man & the new Avengers Assemble series try to use the MCU movies and the Amazing Spider-Man as their backstory, kinda. But of course there are various differences. And ultimately any continuity would be split at this point, and they all go seperate ways.
Coulson has been used in the MCU, Ultimate Spider-Man, Fear Itself/Marvel NOW!, the comics for Avengers: Earth's Mightiest Heroes, the new Lego game, the Marvel MMORPG and Iron Man: Armored Adventures.
I believe all of those are separate universes/continuity.
We could say that USM took place after ASM 2 and the SHIELD show but I doubt he'd forget Gwen that quicky so I agree that it's loosely based...plus, Aunt May in USM is my favorite Aunt May ever and I kind of wish they went younger for ASM. At times, she came off more whiney than strong in ASM which annoyed me.