spider speed or reflexes?

When spidey says he can use his reflexes to "dazzle" the hulk it seemed to look more like a speed feat than a reaction one. Can someone help me clear this confusion?

I think it is a combination of both. His "Spider Sense" works in concert with his speed, helping him both evade and counter punches while moving extremely fast.

Uh... so does that mean he has 40x movement AND reaction speed? It seemed like MJ said it was and equal in augmented speed and reactions.

@guardiandevil83: isn't his reflexes only a added bonus because of his spider-speed?