Yeah, it's a really nice issue. It's hard to judge how good the entire arc would be until we read the rest of the issues, but it's a nice beginning. Spike is well written; I love the bugs and the writing for them is really funny, and it was great to see Spike protective of them.
So far, the writer seems to get Spike; I knew he said he was a fan, but being a fan of the character doesn't mean you will write them well (see: Brian Lynch, many fanfic writers) but Gischler seems to be doing a rather good job so far. Certainly better than Chambliss and Allie have been doing writing Buffy, or Gage has been doing writing Angel, though that may be jumping the gun, judging by just one issue. (I thought Angel & Faith would be great and an honest exploration of Angel's character mistakes after the first issue *sigh*). The art is lovely and Spike looks like himself (I wouldn't say that Buffy's book has been bad an that account, but it has been hit and miss; Jeanty in particular can draw Spike really well in some panels but awfully in others. Sometimes he draws Spike in a really ugly way and sometimes he makes him look 14-year old.)