I read it. I liked it. I have some doubts and issues about the Watchmen homages and larger political story though but maybe that'll become clearer on re-reading it.

spoilers:

Mashing together Secret Wars with KLH and Venom is a hard thing to do in one go, and doing so essentially twists the meaning of the stories. Venom for instance is the story that marked an intrusion of personal horror into Spider-Man and his family and so on. While KLH is the dark night of the soul that they survive through. Mashing them together essentially brings an additional element of tragedy to that situation but it's grounded and logical. Having the Venom suit bond with Peter, and Peter rising out as Venom is a dark twist to that.

This Peter certainly is an interpreted as being a highly flawed individual certainly from the second issue forward. Now he's a deadbeat dad, who puts his senile Aunt over his two babies. Missing out the birth of those kids of course substitutes for the missing two weeks early in that marriage and it basically is the catalyst for MJ leaving with the kids. It's more or less Peter B. in ITSV except there he divorces MJ because she wanted kids after May died, while here May is senile and invalid and he's arguably a bigger and less forgivable screwup than Peter B. is. I am of course sad that this take on Peter and MJ separated for now (though they did in 616 before coming back later, so who knows) but I am happy she carried her babies to term at least. I was dreading that when I saw her in preggers in hospital. This is better. Obviously Peter having distant and strained relations with his kids will be the story in the next three issues, and that is definitely an interesting wrinkle in Spider-Man AU stories.

There's certainly a lot of thematic commentary that comes through here. I am not able to put it to words yet but maybe by the time the last issues roll out, it will come out.

Politically though, I don't get what Zdarsky is trying to do. Russia actually nuking Allentown Pennsylvania should have actually started armageddon. This was something Frank Miller and Alan Moore agreed on. Both Watchmen and TDKR written in the '80s was about the fears of nuclear weapons falling and dropping. So if the bomb actually dropped, then why is nobody doing anything? This might be one part that weakens everything. And more importantly the story has had Captain America as the central hero in the background in the first two issues and he hardly figures here.

The art by Bagley is wonderful here.
end of spoilers