So, there’s a point to about seventy percent of this issue. The rest is a back-up with Spider-Man battling the Human Torch, then the rest of the Fantastic Four, because Spider-Man wanted to show off for the Torch’s girlfriend. It’s an addle-brained waste of pages. The only possible purpose would be if Sue Storm ever hooked up with Spider-Man, but she never did. So it’s a bunch of phooey. The Kirby art isn’t as nice as the Ditko art on the principal story either.
The principal story is basically an all-action issue–it’s either Spider-Man versus the Living Brain (an utterly inelegant unstoppable killing machine) or Peter Parker versus Flash Thompson. Lee comes up with a great resolution to the Flash fight and also betrays some of Peter’s new self-image.
Spider-Man is, in Parker’s thought balloons, his true identity.