Easily the best episode this saga had. The action just doesn't seem to stop, and still this episode managed to tie almost all the loose ends this second season started. You'll be amazed to see how much can actually happen in this 20 minutes long episode.
Despite the fact that so many characters have already been introduced along the episodes, this episode re-introduces yet another character, Kraven the Hunter. He has previously appeared on the show as a villain, but here he is trying to help Spidey. This change in his character was good, and his character became even better.
As the title implies, two hunters fight in this episode. The first one is the Punisher, who has just been introduced in the previous episode, who is convinced Spidey is responsible for Morbius' attacks, and is hunting him down to kill him. Having a supply of high-tech weapons at his disposal, the Punisher seems one of the cooler characters on the show.
The second hunter is of course Kraven, who this time is on Spidey's side. He is trying to get to him in order to help him. At the same time, he is trying to protect Spidey from the Punisher. Having Kraven become Spidey's ally is a nice change of pace, and adds depth to his character.
The best character in this episode is without a doubt, Spidey himself, transformed into the Man-Spider. Seeing him in this form was shocking. His fight scenes with both the Punisher and Kraven were simply breath taking. For a part of this episode, Spidey still retains his memory, even while in Man-Spider form. This is evident in two particular scenes: one, when he saves Debra Withman who was attacked by Morbius, and the second time when he tried to find Mary Jane. Peter as the Man-Spider wasn't completely mindless, but was almost powerless to control Man-Spider. A nice touch was having the Man-Spider not talk at all during the episode, in contrast to Spidey who never stops talking to himself in each of the other episodes.
In the end, the Man-Spider is defeated and turned back into Spidey. He is still "ill", but at least he retains his human form... for now. A really good episode, arguably the peak of the entire Neogenic Nightmare Saga, with lots of interesting plot twists.