Apparently, I'm one of the few people who thought this was a cool idea.  Granted, it's not the classic blue and red but it is a fresh take on a very familiar character.  This baby is designed after Alex Ross' design for the costume for the first Spider-Man movie, which was ultimately rejected in favor of an updated classic costume.  The entire figure is a ToyBiz Spider-Man Classics Web Splasher Spider-Man.  The wristbands are made from heatshrink tubing and the eyes are sculpted from Aves Apoxie Sculpt.