New York in the grip of Fear.
The Serpent has unleashed his Worthy upon the world and is spreading Fear. Spider-Man is trying to deal with crazed-by-this-fear New Yorkers while trying not to succumb to the fear himself. Meanwhile he's facing off with Vermin as well.
The good
While the main series obviously has to keep things moving and has to shown signs of a world in panic, this series can show the fear that has gripped the world more clearly by focusing on New York. While there are no epic battles or such in this book, you can really feel the fear and panic in the atmosphere here. Yost's writing techniques really suck you in the story and makes you understand the panic these people that are focused upon ( and of course Spider-Man himself ) are experiencing. The artwork also is of great quality and contributes to the dark atmosphere that Yost creates with his writing.
The bad
I really don't have anything bad to say about this issue. Honestly. OK, perhaps some people will not like the only villain that Spider-Man has faced so far, and the lack of pure 'action'. But the atmosphere is the main reason you should read this.
Conclusion
If you feel like the core Fear Itself series is all action and lacking this somewhat fear and panic atmosphere, you should really pick up this book.