I think what they're doing here is pretty cool.
One of the things that always annoys me about Spider-man is writers are always trying to give him new powers and abilities, and he always ends up losing them because Spider-man always has to be vanilla Spider-man in the long run.
I've never been a fan of that. I like my characters to grow and improve over time. Get stronger. Probably the reason I like shounen anime so much.
So this idea of them creating this other character that's basically Spider-man, but they can give him new powers and it doesn't ruin real Spider-man is interesting.
They've already given him the mystic spider totem powers. Now he just needs a symbiote and some mechanical spider arms!
That said, his The Other form looks really stupid.