Overall, I liked it... but it would have been even better if the premise hadn't been so harebrained:
* Dr Strange dumbed down
Okay, Strange's bored because he lost his Sorcerer Supreme title, he's yearning for action, but I'd expect some reason here. Especially asking Peter if he went through official channels *before* inventing a new spell would have been great - reminded me of Harry Potter trying out spells without thinking of consequences. And yes, I remember Strange doing that in his origin movie but that was some years ago (not even counting the Blip). I mean he's supposed to be the greatest wizard ever and he gets defeated in the mirror dimension because "it's maths"? It's not as though Strange isn't a science guy... And let's not talk about Ned mastering a spell Strange had to be exiled in the Himalayas to get to work.
* the whole "but my friends need to get into college" thing
No one thinks of calling the admission centre??? What about calling Pepper (or Rhodes) to put in a word for Peter and his friends? Tony might be gone - but he was a huge financial backer (and alumnus) of MIT, does anyone really think that some SI-drones would negate all the dollars the Starks put into MIT?
* the "curing villains" thing
Noble gesture, no doubt about that - but did Peter actually think that one through? I mean the way I understood it, the villains were removed from their universes shortly before their deaths... and why should curing them now have any influence in the actions already set in motion? They pop up back in their own universes and get killed. I doubt they'd have the time to sit down with their respective Spider-Man and hash out that they're now cured, no problem, and everyone lives happily ever after.
* "with great power comes great responsibility"
May's death was well done... but the lesson learned from it was one that Peter already knew. And he's known it from the start in Civil War... it's pretty much the first thing he said back then to Tony. Somehow I'd have preferred skipping on that death scene and have her not remember him like everyone else. Because the lesson wasn't going on after loss (Peter already lost quite a few important people, after all), but letting go of his own desires/well-being for the greater good. Somehow having May die felt too much like backdoor-reintroducing what made the other Spider-Men embrace their powers (... and therefore not making their cameos overtly the mere fan-service they actually were in giving Peter their peptalk...).
* how does the final spell work?
I really loved the idea, thought that this ending was stunning... but... okay, so Peter's erased from memory... How does that erasure work? I mean Ned and he practically lived out of the other's pocket, does Ned now think he built all those Lego-models alone? And what about written notes (of and about him) or presents he gave to others? Do they no longer exist at all? Or do people just not remember who wrote them/from whom they were? And what about official documents? Were they all erased? What about Karen? And does no one think it strange that Spider-Man now wears some home-sewn costume and no longer the high-tech suit from before?
Small things that made my heart soar:
* DUM-E in Happy's flat. (My headcanon says U went to Harley. And Friday keeps watch over Morgan.)
* Matt Murdock
* the shield falling off of lady liberty's torch
So, again, overall I enjoyed this movie, it had some very good moments. But it also has the benefit of being the first non-origin MCU-movie out in the theatres during the pandemic which also might explain some of the overly enthusiastic reactions after 2 years of virtually no new blockbusters. As for this rendition of Spider-Man: It could go either way, on the one hand some kind of positive resolution for Peter, gaining back what he gave up, would make for an interesting next movie, on the other hand, he's now in a place, as already said, where the other Spider-Men started out from, coming full circle in his arc. If and what happens next depends on Holland. I definitely wouldn't be opposed to seeing this spider-verse continued.
And I'm already looking forward to Dr Strange 2. (Hopefully with a not quite so dumbed down Strange.)