Watchmen is fine, its characters we never met before and their whole canon is IN the whole story, so that's apples and oranges. But some of the shit Morrison's done to established characters with rich back stories and pre-existing issues, is inexcusable. Why not just make a new character and do this to them? I hated OMD, just the whole concept of it is stupid. Why would Mephisto give a flyin' monkey's ass if Peter is happy?
I think if JoeQ were to be disposed of, the next EIC should re-retcon that story out of existance, have Mephisto be defeated and Pete and MJ are re-united... and BABY May comes back when Aunt May dies. Then we can feel like Spider-Girl will actually happen. If in a slightly altered form eventually.
If they really wanted a single spider-man going through college and struggling, I would have just had Pete step to the side and have a new guy wear the webs. But then do we REALLY need 2 of the SAME style Spider-Man comics? We've got Ultimate to do that for us. I'd even love to see Spider-Man mature into an almost Cap like figure in the MU. I know in the mid 90s during some crossovers that other younger heroes really looked up to Spider-Man and respected his tactics and battleplans. Read some of the now classic Bagley era stuff, Spidey was really a mature character. He was still struggling but he was certainly not doubting his skills as a hero. Now he's back to the way he was in the early 80s. Boo.
I'd love to see Pete and MJ as a sort of team of 'toubleshooters' for whatever HAMMER morphs back into, be it SHIELD or something else. MJ as an actress could be an interesting spy and we know she can kick some ass. Maybe it would revitalize her character, instead of this super-model that sits at home worrying if her peter comes back alive.
That's how you 'update' a character. You acknowledge their growth. You build them up. You don't tear them down and leave them down. You tear them down to build them up. These deconstructionists forget that. Their good at tearing down, but leave the rebuilding to someone else.