Yes, second arc. I personally think it was more than just "OK" but definitely agree with you that USM peaked early. To me, it was very good to excellent for approx the first 50-60 issues or so. After that, it became a bit rote as it presented updated versions of all the classic Spidey foes and, once it delved into the Venom/Carnage stuff, it lost a bit of what made the title work early on IMO.