Definitely a step above other superhero flicks. Raimi has reason to be proud of this one.
Special effects, fight sequences, origin all amazing. J. Jonah Jameson played excellently (who can name the actor, and what role he is more commonly known for?). Harry Osborn (son) was absolutely NAILED by James Franco (man, does he look like James Dean or what? Yeah...I know he played him in that recent TV movie).
Kirsten Dunst was a much more convincing MJ than I initially thought she could pull off. The pink dress scene in the rain is...well, spectacular (but we've all known that for some time). Still, I always associate Gwen Stacey with Green Goblin. The events in the film VERY CLOSELY track what happened to Gwen, not MJ.
The weakest moments of the film occurred between special-effects sequences, during the "interpersonal" moments, mainly because the dialogue was SO horrible.
However, I think the "defining" moments for both Peter and Harry were EXTREMELY well done, and handled with great skill. Updated a bit, but not completely wrecked like the travesty of a "defining" moment that was in the first "Batman" movie.
The COMPLETE lack of wise-cracks from Spidey is a TERRIBLE omission. I don't think he should jabber as much as he did in the comics, but Peter Parker always masked his pain & loss (which was handled superbly by Tobey Maguire) with his humor. The deadpan Peter Parker (post-transformation) doesn't ring true to me.
Cliff Robertson great as Uncle Ben, but his saying the word "ass" (3 times) added nothing to the film, despite being totally incongruous with the character, and completely contradictory in light of the important "message" he tries to tell Peter later on.
Villains (both GG and Norman Osborn--which are two separate villains, NOT a true Jeckyll & Hyde character) handled excellently by Willem Dafoe, without upstaging the hero like always happened in both the "Superman" and "Batman" franchises.
BTW: I've always thought that Willem Dafoe would have made a MUCH better Joker than Nicholson. Check Dafoe out in the movie "Streets of Fire" some time and see if you don't agree.