Don't know if I would call it my favorite run, but it's up there. I like JMS' literary style of writing. There are parts that drag, but it's certainly worth a re-read. I didn't mind "Sins Past" that much either.
And yeah, Spidey was actually able to take on Morlun twice, mostly by himself (though the second time was pretty much fatal).
Were that classic fight to have happened now, he'd have to have all of the Avengers and SHIELD, Mockingbird, Silk, Clash, Otto, Anna Maria and Alpha all helping him win the day.