Succeeds in action and comedy, fails in characterization. I absolutely hate to say this as a Spider-Man fan, but this film, while very good, has some irksome problems. It's a fun movie, but an awful adaption.
Here's a controversial opinion: Sam Raimi doesn't understand Peter Parker. He gets the struggle part right. However, where Peter fails in the comics, he isn't supposed to be a complete loser. Peter is charming, smart, charismatic, and driven, whose failures come from being human, not incompetency. Raimi turns Peter incompetent, solely for laughs. Perhaps this is a fun character, but it simply isn't Peter Parker.
His Spider-Man also lacks charisma. Despite the quipping (which was never essential to his character), he delivers the lines so borishly. Where is the excitement or dread? Why doesn't he become more personal with his foes when punching them? What he really does well is fighting, but his movements feel vanilla.
As for Mary Jane, this rendition is completely awful. She's a terrible person, who expects much of Peter despite him, in the previous film, saying he couldn't be in a relationship! She whines and seems to be self-centered. Once again, there's a lack of charisma like the character had in the comic books that was needed here. Her and Peter Parker, as well as Harry, all feel like characters of a soap opera, and it feels so out of place.
Doc Ock is fine, I think. I wish he relished in his evil like he does in the comics, but his plan is understandable. My issue is the arms controlling his mind... It just ruins the entire character for me. They had good set-up with his wife dying, but no, apparently the arms control him? Sort of a waste, and "Rosie" is forgotten to Doc Ock all too quickly. But hey, the special effects with his arms are amazing, and have not been matched. And Alfred Molina's acting definitely makes him charming, so he's just a lot of fun!
Harry is just annoying. He is nothing like his charming comic counterpart, but just mopey and depressed. At least this is saved by a rather decent subplot in trying to find the identity of Spider-Man for revenge purposes. Doesn't nearly hold a candle to the slow developing of insanity his comic counterpart had, unfortunately. (And that gets wasted in the third film.)
The plot. Wewlad. So, Doc Ock's plan is fine. My issue is Peter losing his powers. Why would he lose them due to love sickness? That's incredibly stupid and mopey and doesn't belong in a ham-fisted spectacle like this film enjoyably is. Peter downright saying "no" to Uncle Ben is terrible and out of character.
There's a difference in adaption here: in Amazing Spider-Man #50, Peter loses his powers due to illness and just loses sight of his heroics with Kingpin's terrible crimeway being too much. He is actually overwhelmed. So, his reasons are logical. He eventually reinvigorates his heroism and realizes he is strong enough to overcome. It's a brilliant story. But the mopey love-sickness just seems so stupid. It brings down the film.
What saves this film is clever comedic writing, good camera direction, good special effects, and a heavenly soundtrack. Oh, and J. Jonah Jameson. He saves the film single-handedly.
The side characters, like Aunt May and J. Jonah Jameson, are well-written and explored, as well as having the charisma the main characters desperately needed. Give Rosemary Harris and J. K. Simmons a round of applause.
I like to explain to friends that Sam Raimi's eye for camera direction is what made this a perfect comic book movie. Look closely at modern comic panels, how they move and shift on characters. Wide shots, very detailed in the forefront while less detailed in the background. That detail is reflected in Sam Raimi's camera work. The masterwork of this in the Train Fight. You feel the dread and speed of that train, as certain angles Spider-Man swings around at can leave you disoriented, like a rollercoaster. Raimi excels in his visual storytelling.
Elfman's soundtrack is unbeatable. Just listen to it and you'd understand why. Oh, and the dialogue in the film? Absolutely incredible.
Ultimately, the entertainment I get from this film saves it from the awful characterization and drama. I leave it with a 7, a grade I wish I didn't have to give it out of nostalgia and love of this film. However, I am being honest in criticism.