I read it but forgot there was a separate thread for the mini, so I posted a few thoughts in the ongoing Marvel thread.
Copied from there
#4 consisted almost entirely of conversations between Peter, Gwen, Miles, and May - and it was the best issue of the miniseries so far. The bit where May accepted that it really was a Peter was particularly well-done, and fairly low-key too. Watching Miles play with Ultimate Peter's web-shooters was amusing, and has me looking forward to seeing if those are the ones he'll be using in the near future in his own title*.
(* If he has already started using web-shooters, then I haven't gotten to those issues yet - I think the last issue I've read so far was #10.)