Spider-Man is dead.
Killed following a battle with Morlun to save MJ is his hospital room. Before that, he had lost an eye and been beating beyond all recognition in an earlier fight with Morlun.
After consoling May at Avengers HQ, MJ has a tough choice to make. Tony tells her that Peter's body must be altered so that it isn't clear he was battered to death so he cannot be identified as Spider-Man. After an altercation with Wolverine, she decides she wants Peter untouched so he can remain as a hero.
As MJ is having a late-night sob-fest with Jessica Drew on the balcony, the alarm goes off. The Avengers and MJ rush to the floor where Peter's body is being held but…
His body has been gutted all of the insides ripped out but with a neat slit down the middle. MJ is hurried away but Cap figures that the glass from a broken window has fallen outside so whoever gutted Peter must have come from the inside.
Meanwhile, while some kids are on a field trip, a mysterious cocoon overhangs them on a beach.
In the Other arc, MK:SM seems to be the filler books, which isn't necessarily a bad thing. Once again, not an awful lot happens here in terms of action but there is, of course, the likelihood that some sort of Spider-Man/Peter has hatched from Peter's old body. It's not completely clear from just this.
The MJ weep-fest does seem to go on a little bit. In real-life, of course, this would to be expected but perhaps it is a little too much here.
Again, there are the same complaints about the art that there were in the previous two issues. Pat Lee and co really don't do a good job, especially compared to the art elsewhere in the Other arc.
Another tidy issue. Promise for the rest of the arc but a bit too light on its own.