...it's still part of an ongoing story (just as Amazing Spider-Man #700 was) and basically what I predicted would happen. This is still only a temporary measure (I know we probably disagree on how Slott is handling this but that's okay).
The fun part is going to see how he brings back Peter now as well as see how Otto does without his influence. We've also been teased that things will get worse before they get better...and no doubt when Peter does return (most likely now next year in time for the film as everyone has stated) he will not only have to rebuild his life, he'll have to rebuild his career, and his reputation, unless Otto is able to put his enormous ego in check and actually realize the things that made Peter Spider-Man in the first place.
The only thing I've been wrong on so thus far is that I thought Slott might try and bring back Peter early...but now after this issue I'm with the rest of everyone else and think we'll see him back before or around the movie. It'll be the big Spider-Event. "The Return of Peter Parker" or some such.
The other thing that hasn't really been touched upon yet is how does this latest develop affect the deal with Mephisto? I still think this is Slott's sneaky way of slowly unraveling One More Day. Mephisto must be pissed off right now