Re-watched this very recently and was shocked at how well it holds up, both in pace, story and for the most part special effects (many practical which probably helped). The casting up and down is excellent, particularly Toby McGuire, Willem Defoe and JK Simmons (who is quite perfect). The origin story is traditional, while other parts of Spidey's comic book history is mixed, matched and/or brought forward:
(Mary Jane is a later addition in the comics, the climax is taken from a Gwen Stacie story, and Peter jumps from high school to college in this one film.
Although a relative minor detail, the fact that Spider-man has organic web shooters being emitted from his wrists (and lets face it the more likely places would be very gross), fixes the most non-sensical part of Spider-man, i.e., that a high school kid who can make both mechanical web shooters and a liquid webbing formula that can turn into a solid is perpetually poor and not making a living as a brilliant scientist.
The only flaw in the film is the Goblin mask. Defoe is in a class by himself when it comes to acting, made clear throughout his work including this very movie, where his various Jekyll and Hyde facial expressions completely emulate an evil smiling goblin. The mask itself also makes no sense. He is named Green Goblin AFTER his first appearance, so there is no reason that his mask - part of his glider flying suit - would have goblin ears, a manic grin and simulated rotting teeth.
Be that as it may, this is one terrific Spider-man!