It’s a perfectly decent done-in-one.
The issue opens with the Black Fox (I thought he was the Black Cat’s father, but maybe not) and he introduces the issue’s main story, the Red Ghost wanting to rob a bunch of stores so he can afford to build his death ray (or whatever it’s called). There’s some painful dialogue until that conversation, but then it gets amusing–the supervillain in hiding, needing to resort to breaking and entering to fund his devious device.
The Spider-Man stuff is awkward. Most of the Peter Parker scenes are spent going over all the events of previous crossover titles. Then the black costume takes him out for a day and keeps him unconscious (which he doesn’t know yet, of course).
It’s a breezy read and Ron Frenz does a good job of the action. He gives Spidey some needed physical levity.