I thought the first movie was pretty decent, the second was OK, and the third was crap. With the steady decline in quality I don't see any reason to keep putting the movies out and devaluing a fantastic franchise somewhat similar to what they did with Batman.

I say it's a good thing for them to take the restart, use the slightly different sets of stories in the Ultimate universe, and get a new cast. They made the mistake of making their villains in the Spider-man movies one shot wonders. Spider-man's strong suit has never been his large stable of quality villains, it's been his small stable of excellent villains. They have essentially killed his three biggest villains in three movies. Green Goblin is gone, no coming back, they may get later incarnations of him, but let's be honest, the original was the best. Dr Octopus...well I suppose he could come back, but the way they killed him makes it fairly unlikely. Ditto with Sandman.

What's that leave going forward? The Vulture? Kraven? Rhino? Elektro? Venom?? Oh wait, Raimi hates Venom and already made a mockery out of him. I'm sorry, but Spidey just has a bunch of crap villains and rebooting the series to bring back some of them, and hopefully keep them alive will be a good thing I think.