Muddy screenplay with no real plot or solid motivations for the villains (other than hate for Spider-Man) but I suppose it's passable, and forgettable, entertainment if only for Emma Stone. Jamie Foxx and Paul Giamatti were completely wasted, though with Giamatti they're setting for a Sinister Six spin-off movie, so his appearance is a bit more forgiveable versus Foxx.
As someone who did like the first movie, thinking it was better than Raimi's first outing, I was a bit disappointed but not surprised considering some of the reviews. Hopefully for TASM3 they bring in some actual screenwriters to give a more concrete and concentrated plot...
***/*****, (C+, 5.8/10, 2.25/4)