Three Big Men/YMMV

Big Lipped Alligator Moment: During Spider-Man and his girlfriend's sex scene, for whatever reason there's a brief cutaway to a trio of creepy giggling puppets that share glances while watching the two go at it. Whatever this is supposed to mean and why it happens... well, fuck if anyone but the director knows.
Complete Monster: Spider-Man, who is a far-cry from the familiar web-slinging hero we all know and love and is a sadistic, brutal murderer who kills people in increasingly awful ways. It's very likely that this was meant to be a generic masked criminal whose part suddenly was turned into Spider-Man's for whatever reason, but it's bizarre no matter how you put it.
Just Here for Godzilla: Let's be honest: this film's appeal comes from two big areas: either for seeing Captain America and Santo team up, or to see Spider-Man as a fiendish murdering asshole who kills people in over-the-top ways.
Narm: Spider-Man is very fond of silly evil laughs. And quite a few of the ways he kills people are so over the top that it's hard to take them seriously, like the dojo's manager's death by guinea pigs even though they're quite clearly played for drama.
So Bad It's Good: It's an oddly written movie with silly characterization such as Santo stuffing money and other things down his pants and Spider-Man killing people in over the top ways and hilariously bad fight scenes, but it's such a bizarre, surreal experience that it's worth watching.