The animation in this episode is really some of the best you'll ever see on this series. One memorable scene is obviously the one with Spidey dodging Doc Ock's tentacles. It was beautifully animated, and worthy of appearing on the shows' opening sequence. The animation and visuals this show featured were always exciting, but this episode clearly has some of the best fighting scenes, and it's a shame we won't see any other scenes this exciting on the show again.
Story wise, the episode has lots of character development, introducing yet another villain, one of the finest Spidey's rogues gallery has. His back story is changed from the comics, of course, but the one featured here is brilliant. He is thus introduced to a new audience, and has some depth to his character as well. He has a reason for doing all he does, and he is motivated to actually do something with his new found powers.
An unique and really nice touch is introducing Doc Ock as one of Peter's old teachers, and it allowed Peter actually doing something for once, and not ruining everything. Seeing that Spidey is almost powerless in front of Doc Ock, Peter realizes he'll just have to defeat him as Peter Parker, and not as Spider-man. This episode might not seem much, but it is actually one of the best the show has, featuring a decent story, great animation, and character development which makes Peter Parker more of a hero than Spidey, just for once. Overall a really good episode, which will entertain you every time you'll watch it.