Non-Spoiler Review: This was a big issue for Nick Spencer's run on this title and his overarching story of "Sins Rising." This issue gives a lot of context into the mindsets of each character and does a wonderful job bridging the gap between what we see and what we believe. The dynamic between Peter and Osborn is always amazing to see, and the motivations of everyone involved is clear. This was one of Spencer's best issues on this title. Spoilers to follow.

SPOILERS:
spoilers:
The issue begins with a recap of the story thus far from ASM #44, where Spencer focuses on Peter being "buried alive" by Kindred. We then jump to the newly formed Order of the Web, in which Julia Carpenter leads the group discussion in saying that the team was formed because the Web of Life and Destiny brought them together, and that it's crying out because her champion, Spider-Man, is going to die.
As it turns out, each member of the team had a dream/vision of Spider-Man being killed in battle by a mysterious adversary. It happened at different places, either Queens, Avengers Mansion, ESU...but the killer was the same: Norman Osborn. Julia explains that stopping Spider-Man from saving Osborn prevents his death as well. Meanwhile, Spider-Man saves Osborn from Sin-Eater's goons and tag teams with him.
Ghost Spider makes an interesting declaration that Spider-Man can't make a deal with the devil without paying the cost, which is why he's so adamant about not letting Sin-Eater "cure" him. The latter of which has turned up at Ravencroft, and we catch up with him since the last couple of issues.
Sin-Eater was "praying" to Kindred (creepy) and asks him for a sign that he's still there. The mysterious follower from issue #47 comes back and says that he and Spider-Man have a bad history. Sin-Eater asks him to show himself, and then kills/cures him. As it turns out, the mysterious follower was Martin Li, formerly Mr. Negative!
With Li's corrupting power, Sin-Eater turns the guards of Ravencroft against each other as his new followers.
Spider-Man follows Osborn to his old cell and, to no surprise, it's a secret room that Norman used (interestingly, he was studying ESU). Osborn mentions that he has an inmate that he brought to Ravencroft to use against Sin-Eater, and discovers that he's gone from his cell. Osborn panics, saying the only people who should have access were himself...and Dr. Ashley Kafka, who's alive! She is corrupted by Sin-Eater with Mr. Negative's powers, and releases the secret inmate we saw in issue #43: the unstoppable Juggernaut!
But before Juggernaut can take out Sin-Eater, he fires his gun.
Back to the Order of the Web: Anya confronts the rest of the group asking why they didn't just tell Peter this, and Julia explains that it had to be his choice to make. The group all decides to join in hunting down Spider-Man, though Gwen is reluctant. Miles then pulls Julia aside and asks her what she saw, to which Julia says "something worse." She saw Kindred attack Peter, and is fully aware of his presence in the plan.
Peter is enraged at Osborn for hiding Juggernaut and Dr. Kafka and Osborn tells him that he did it because he knows about Kindred and that he won't stop until they're both dead. Like it or not, they're now in this together "until the bitter end"...with Norman showing Peter his stash of Goblin gear.
end of spoilers