The upside of Spider-Man and the X-Men: light-hearted, X-Kid book that does not revolve around Quentin Quire, 100% less Wolverine, quite nice art, no friggin' time travel, evil dinosaurs.
The downside of Spider-Man and the X-Men: Some writers just do not know when to tone down the wacky wall-crawler banter; when you have text bubbles crowding out the art, you need to take it down a notch. Also, taking the X-Men to task for being isolated and defensive when it's the main differentiation point of their franchise doesn't work. You ignore genre convention like that and it opens to door to questions like say, why did Spidey and his Avengers buddies stand by and do nothing when mutant children were being lynched? Why did they do nothing when mutants were literally being hounded to extinction? Oh, and remember that time Tony Stark was fine with the last mutants on earth being herded onto the Westchester rez by Sentinels (all for their own protection, of course)? And why did Captain America of all people put up with his own government launching mutant genocide programs on American soil for years? Anything he can scold these kids for wrt their attitude toward the outside world is so easily rebutted just by looking at the last few years of X-Men events that, unless the writer is trying to make Peter look like an oblivious ass, it's just a ridiculous issue for him to take a stand on.
All in all, though, I enjoyed it. I'll probably pick up the next issue.