Spoiler
Avengers and Ultimates were fighting, Punisher (on the Avengers side) was going to shoot Cap (Ultimates side) in the knees, Spidey noticed this, pushed Cap out of the way and took a bullet to the kidney. Spidey is KO'ed, he wakes up and Cap is trying to get him some first aid - then War Machine comes and blows up the bridge they were fighting on. Spidey gaps up the wound with some webs, then climbs up the wrecked bridge, passes out.
Spidey wakes up and rushes back to his house, because the Sinister Six were going there to kill him, and hopefully his family as well. Iceman and Human Torch tried to stop them - they were both defeated... so it is Spidey versus the Sinister Six. With a bullet wound where his kidney used to be.
So, Spidey goes and fights the Sinister Six (Kraven, Green Goblin, Electro, Sandman, Vulture - Doc Ock was a part, but he'd already been killed). Spidey gets the crap beat out of him, he fights back, Aunt May shoots Electro, who knocks out the rest of the Six.
Down to Spidey and Goblin: they fight a bit, Goblin absorbs Human Torch's powers, Mary Jane runs Goblin over with a van, Spidey throws her to safety, picks up the van and smashes it on Goblin, van explodes...
Spidey dies from all the wounds he'd accumulated doing the right thing (gunshot, explosions, etc).
I'm fine with there being a new Spider-Man; this stuff happens all the time.... but I don't care for the fact that Miles (the new Spidey) is three years younger than Pete was. Seriously, after the [censored] that happened to Peter (not to mention the fact that Cap blames himself for Pete's death), you'd think that basically all the so-called "heroes" would stop this fool kid from doing the exact same thing that led to Pete's death in the first place.
And honestly, I'm sure that Peter will come back somehow - either sales go well with Miles, and we'll see Pete again down the line, or sales go bad and Marvel rushes to bring him back.
And for things other posters mentioned:
DC's not even bothering with alternate universes anymore, because they're rebooting the entire thing in Sept., I think (more of a Marvel fan myself).
Kraven's Last Hunt is supposed to be good; however, I'm not a judge, I haven't read it yet.
And about everyone dying in Ultimate Universe - Ultimatum was the worst - it is basically a way to distance the Ultimate from the main, 616-based reality. But Ultimate is more of a modern take on things, so it should be different from the more "ageless" 616... which is exactly why there is a half-black half-hispanic Spider-Man being introduced (even then, come on, Spider-Man 2099 is half-Irish half-hispanic (and he swears better, too)).