USAtoday.com has further update as to who is the Big Bad that is bringing the Spider-men from two very different universes together.
More....

If you read further into the story, it sounds like the writers really put some heart into this, a true "miles stone" (pun intended) for the heroes who wear the webs.
"Mysterio, the nefarious magic man who has been a Spider-Man villain since the hero's earliest days, is the guy who finds a rift between the regular Marvel Universe and the alternate-reality Ultimate Universe, a plot device that is central to the upcoming Spider-Men."
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- "Peter arrives in a world where its Peter Parker died in the line of duty being Spider-Man, inspiring Miles to become a hero, and Peter will encounter all the people who were important to the alternate version of him, such as Gwen Stacy and Mary Jane Watson.
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If you read further into the story, it sounds like the writers really put some heart into this, a true "miles stone" (pun intended) for the heroes who wear the webs.

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Date: 2012-04-28 06:10 am (UTC)no subject
Date: 2012-04-28 06:27 am (UTC)no subject
Date: 2012-04-28 06:43 am (UTC)And 616!Peter is totally defined by the bridge. Totally. As much as Uncle Ben.
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Date: 2012-04-28 06:54 am (UTC)no subject
Date: 2012-04-28 09:29 pm (UTC)...what?
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Date: 2012-04-30 05:31 pm (UTC)no subject
Date: 2012-05-01 12:57 am (UTC)Also, I still don't get it. What does wheatcakes have to do with One More Day?
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Date: 2012-05-01 06:02 pm (UTC)no subject
Date: 2012-05-02 01:10 am (UTC)no subject
Date: 2012-05-02 03:53 am (UTC)no subject
Date: 2012-05-02 04:01 am (UTC)no subject
Date: 2012-05-02 05:07 am (UTC)The only thing I don't see coming back is Aunt May finding about Spidey's secret identity, if only because that story has already been told three times now, and I can't think of a way to re-tell that story without it coming off as a rehash of what has been done before.
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Date: 2012-05-02 01:06 am (UTC)http://www.intergalacticmedicineshow.co
I found this review which references the line about the wheatcakes and the problems some people had with the arc lower down the page (and it was Brand New Day, sorry). It became something of a minor meme for that version of Peter for a while.