If you can believe this, Millionaire, Industrialist Tony Stark determined to secretly develop the next generation of high-tech battle gear (his words, not mine) thus he developed the MegaMorphs. Unfortunately his designs and a protwere stolen by Doc Ock. To help him retrieve his plans and his battle armor, Stark enlisted the aid of five heroes, Spider-Man, The Hulk, Captain America, Ghost Rider, and Wolverine. Each of which was equipped with a kind of living armor that not only mimicked the powers and abilities of the wearer, but also was able to morph between two types of battle modes.
Spidey's issue opens up with Spider-Man already in his armor going up against a pair of Hydra agents in one of their underground bunkers. Spidey has his armor morph from its battle mode to its robot fighting mode as it takes on Doc Ock's MegaMorph. After a very brief battle (where Ock causes the roof of the cavern to cave in, and Spidey rescues the Hydra agents before they are crushed). Ock manages to escape leaving Spidey behind to apologize to Stark for letting Ock go. Tony isn't worried (there are, after all a bunch more mini one-shots and an entire standard-sized limited series to go).
That's about it. Ock steals the armor, Spidey goes after him. If you ask me, Stark should have let Ock just go off with the one he had, it is so obvious that the other villains would have laughed him pout of the villains union when he showed up for work in it.
Not much of a story here, Buy the toy if you must, but don't expect much.
However, if you are interested in reading larger stories involving Spider-Man and giant transforming robots (Stan knows why you'd want to), you can go to MegaMorphs and read the four-issue standard-sized series (which also co- stars Tony Stark, Hulk, Wolverine, Ghost Rider, Captain America, Doc Ock, and Dr. Doom). There is only slightly more substance in those books than here (perhaps due only to their larger page count). Still, I suppose this type of story might appeal to young children and (hopefully) get them to read the regular Spider-titles, if (and only if) this occurs, than this comic (along with the standard-sized limited series) will have serves some real purpose. And I'm OK with that.
There isn't much that will redeem this toy-concept looking for a licensing fee. It was a bad idea going in, it was bad when it was pitched, and it is bad now that we have to read it. There is no fun in Muddsville here folks, so you should all keep moving, nothing much to see here.
There are six mini 12-page mini comics one each paced in with each of the six MegaMorphs. The six stand-alone, character-specific minis lead into the standard sized four-issue Limited series.